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Friday, October 7, 2022

Ethereum And Bitcoin Face Risk Of Capitulating To Market Pressure

With losses in critical areas, both Ethereum and Bitcoin could experience capitulation, having lost vital support. Both have seen a loss of over 15% in the past 4 days alone. And Bitcoin could slide to a sub-$28,000 level once it breaks through the support level of $32,850.

Analysts feel that Ethereum must stay above the $2,500 mark to avert a slump to as low as $1,720, and it could end up even lower. Ethereum and Bitcoin continue to trend downwards even as escalating fear grips the macroeconomic environment.  There could be an increase in losses as both currencies seem to breach the important zones of demand.

Both Ethereum And Bitcoin Confront Danger In Price Level

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The world cryptocurrency market has suffered a loss of around $110B through the weekend. This has pushed both Ethereum and Bitcoin into a corner.

Bitcoin has seen a sharp slide of 15.5% in the past 4 days alone and has slid from a peak of $39,850 down to $36,665. This downswing has led to BTC pushing through a key support area. Even as the selling pressure looks to accelerate, there could be more losses in the offing for both Bitcoin and ETH.

Seen from strictly a technical viewpoint, Bitcoin has slid across the lower limit on its everyday chart. It indicates strong corrective behavior. Ethereum also has seen its prices drop as it lost a market value of 500 points, a 15.5% loss in 4 days. A breach of the Fibonacci retracement level of 78.6% at $2,150 could indicate a bearish viewpoint. ETH could then linger around the $1,720 mark before it capitulates close to the $900 mark.

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Present technical conditions indicate a steep correction from Ethereum. But with the high instability in the crypto market, ETH would need to push through the resistance level of $3,270 for a bullish breakthrough to happen.

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