Bitcoin (BTC) and Ethereum (ETH) Price Struggles Amid Market Fumble
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- There is currently a total cryptocurrency market capitalization of $1.899 trillion.
- Bitcoin is down 0.77% in the last 24 hours.
Traders are returning to the planning stage and re-evaluating their short-term expectations for Bitcoin (BTC) and Ethereum (ETH) due to the current wave of volatility. Ether’s $2,900 support failed to hold on Feb. 17, raising the prospect of a slide to $40,000 in Bitcoin’s price.
Data reveals that Ethereum was slammed by a wave of selling that pushed it to an intraday low of $2,752 after staying around the $2,900 support level during the morning trading hours. When it comes to Ether’s recent price dip, analysts are divided on whether or not more declines are on the horizon.
The Ethereum (ETH) price sank 7.15 percent, forming an evening star pattern as gloomy clouds hung over the crypto market. Reversal from falling trend line and a double top pattern with the neckline at the $2800 support zone are created. Ethereum (ETH) price is trading under the 20 and 200-day exponential moving averages, with the lines remaining bearishly aligned. Bearish divergence may be seen in the daily Relative Strength Index (44).
Political Uncertainty a Factor
In less than an hour after falling to a new bottom of $39.637.09, bitcoin rose to a high of $40,400 before falling back to the previous range of $39,000. Several observers cited political uncertainty as a factor in bitcoin’s recent price declines. There is currently a total cryptocurrency market capitalization of $1.899 trillion, with Bitcoin’s market share at 41.4 percent.
According to CoinMarketCap, the Bitcoin price today is $40,333.01 USD with a 24-hour trading volume of $22,080,875,721 USD. Bitcoin is down 0.77% in the last 24 hours.
Cryptocurrency
