Bitcoin, Ethereum Technical Analysis: BTC at 2-Year Low, ETH Down 20% as FTX Turmoil Leads to Crypto Bloodbath

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Bitcoin fell to a two-year low on Wednesday, as the FTX token sell-off continues to weigh on the cryptocurrency market. After an initial 30% drop, the FTX token is down 80% as Binance reaffirmed its intention to absorb the failed exchange. Ethereum was also lower, falling below $1,200.

Bitcoin

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bitcoin (B T c) fell to its lowest level in two years on Wednesday, as the market continued to react to the volatility caused by the FTX/Binance case.

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Less than a day after trading as high as $20,582.24, the world’s largest cryptocurrency fell to a low of $17,402.55 in today’s session.

This move, which saw prices fall by up to 10%, was taken B T c/USD is at its lowest level since November 2020.

B T c/ USD – Daily chart
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As can be seen from the chart, the decline accelerated when the coin broke below its long-term support at $19,000.

Apart from this, the 14-day Relative Strength Index (RSI) has also slipped to a floor of its own, which is close to the level of 29.75.

B T c Reversing somewhat from earlier lows, the coin is now trading at $17,718.95, with some bulls anticipating support near $17,900.


Ethereum

in addition to the following B T cEthereum (ETH) also fell significantly in today’s session, as prices fell below $1,200 in the process.

After Tuesday’s high of $1,564.55, ETH/USD declined by 20%, reaching a low of $1,157.23.

saw this drop ETH The move went to its lowest level since July 14, when the coin was trading slightly above $1,000.

ETH/ USD – Daily chart

Like bitcoin above, the RSI on this Ethereum chart is now tracking at 33.00, which is slightly above the 32.50 bottom.

This reading, which is the weakest reading in the past five months, means that the price is now in oversold territory, which long-term bulls believe means a bottom has been hit.

However, the 10-day (red) moving average continues to decline, and if the trend continues, it is likely that ETH Will go below $1,000.

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Have we hit the bottom or will this week’s selloff intensify? Give your thoughts in the comment below.

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Credit : news.bitcoin.com

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