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Ethereum (ETH) Rally Remains Brittle

  • Wednesday‘s huge sell-off in the cryptocurrency space saw the market’s capitalization fall by around $1 trillion from the high seen earlier this month. The crash, fueled by stories of China widening its ban on cryptocurrency usage, sent markets into a seemingly unstoppable spiral lower, with a wide range of coins and tokens losing 40% to 50% in a matter of hours.Later in the session, the market regained some composure with losses pared-back, after a series of positive tweets hit the screens. A tweet by Elon Musk saying Tesla has ‘diamond hands’ – indicating that Tesla will not be selling its Bitcoin holding – turned sentiment positive. Later another set of tweets by Justin Sun (2.7 million followers) showed the market heavyweight, and the owner of the cryptocurrency platform TRON had bought $152 million of Bitcoin and just under $136 million of Ethereum during the meltdown. Sun added, ‘I’m not selling.To get more news about WikiFX, you can visit wikifx.com official website.
      While the market is now edging higher, it remains well below pre-crash levels and the rebound may come back under pressure. Yesterday‘s wipe-out has caused untold damage, not just to trader’s P&Ls but also to market sentiment, a noted driver of cryptocurrency price action. Price volatility is at extreme levels not seen before, despite the many market crashes over the years, and this needs to dampen down if a sustained recovery is to occur.
      Bitcoin lead the fightback yesterday and currently trades either side of $40,000 after hitting a Wednesday spike low of just over $30,000. One market volatility measure, the Average True Range is shown at the bottom of the chart, shows the 14-day range at $4,700, a level that makes trading Bitcoin extremely risky. A period of consolidation is needed before entering the market is justified, despite the CCI indicator showing BTC in heavily oversold territory.
      Ethereum, a notable market outperformer of late, broke below $2,000 for a brief time yesterday, before pulling back after running into a cluster of prior lows and highs. The second-largest coin by market capitalization hit a record high of $4,380 just over one week ago. Again Ethereum looks heavily oversold and is flashing extreme levels of volatility, but yesterdays blow-out candle top near $3,500 needs to be regained before confidence can be restored.

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