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Tag: $ETHUSD

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A Crypto Crash is Approaching

The crypto boom in 2024 has made many crypto coins reach new all-time highs. With Bitcoin reaching $73,193, Ethereum $4,093 and Solana $210.15. All these highs were reached on the third week of March. Ever since this high was reached, price has been hitting similar highs and lows in the last three months.

The last major crypto low was in November 2022. At this point Bitcoin’s price was at $15,484. Just like 2021 when price of Bitcoin and Ethereum were at the then all-time high at $69,000 and $4,890 respectively. Unlike Bitcoin that reached a new all-time high in 2024, Ethereum has failed to reach a new all-time high in 2024, as it has maintained the 2021 high at $4,890.

We might be seeing a massive drop in the price of Crypto assets in the coming weeks. Bitcoin could fall from the recent high of $63,700 to $19,500, Ethereum from $3,447 to $1500. The reason for this crash is not ascertained at the moment. There have been price retesting the common price level.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto in your portfolio? Schedule a meeting with us here

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THE NEXT CRYPTO BULL RUN: BITCOIN AND ETHEREUM

Since Bitcoin was launched in 2009, price has maintained a strong bullish movement with about 410,000% gain, from $0.09 in 2009 to its current price at $36,700. The current $BTC market capitalization stands at $678Billion.  Ethereum, on the other hand, is the second largest crypto with current market capitalization at $299Billion after its launch in 2015.

This signifies that most crypto assets are less than a decade. Ethereum has since its inception has been publicly accepted by Crypto traders and investors. Hence, the reason for the bullish movement. Just like other markets, the crypto market is a bull and bear market. High leverage usage must have wiped off some accounts due to greed. Currently, the crypto market is about $1.62Trillion with Bitcoin and Ethereum having over 61% of the market share. There are other thousands of cryptos newly introduced e.g. Ripple, Dash, Tether, Litecoin, Cardano etc. all of these make up the remaining 39% share of the crypto market.

Bitcoin, in June 2020, was below $10,000. As at today, Bitcoin is above $36,000. Ethereum in June 2020 was below $300, the price of Ethereum today stands at $2,600. In the last one year, Ethereum has done far better than Bitcoin in investment gains. Both Bitcoin and Ethereum reached an all-time high in 2021. Ethereum reached $4,370 in may 2021 and Bitcoin reached $63,000 in March 2021. With Bitcoin and Ethereum having 61% of the total crypto market, they both have a major influence in the price movement of other coins. The increased acceptability of Bitcoin and Ethereum will determine the acceptability of other coins.

After the all time high was reached in March 2021 at $63,000, price was almost halved after it reached $31,200.

About $30,000 was wiped out in the price of Bitcoin last month, which made it the worst month in Bitcoin history with 41% lost from the highest price. Bitcoin has a very strong resistance at $43,980, a bullish breakout from this level might result in a fake out as price on the weekly chart is currently in the lower region of the Bollinger bands. The recent dip affected most of the assets in the Crypto market. Price of $BTC might rally towards $44,000, but the bears might push the price lower to reach $19,000.  If a dip occurs, this will reflect in the prices of other cryptos. The next dip might also push price of Ethereum to $1,500.

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Ethereum Buyers Lose Interest

Hope was temporarily restored to the buyers of Ethereum in March 2018 after the heartbreak late last year. Not quite long, the hope dwindled in April 2018 when a downtrend began. Many people have lost hope in cryptocurrencies generally due to the unforseen nature. RSI shows two oversold points on the chart but the momentum for downward continuity is still high. The present price level for $ETHUSD is at 217.50. If price moves downward, the next support level should be around 170.00. Any breakout of price below 170.00 could lead to a major fall of $ETHUSD.

Meanwhile, since there was a breakout downward from the resistance level, price has not been able to find itself back above the resistance level. The trendlines A and B also shows another mini breakout has occurred for a continuous downtrend. The oversold points on the RSI could be deceptive for a buy. Only scalpers can benefit now from the upward movement. The price fall of $ETHUSD might not be debatable in the next few days.

 

 

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