ETH Nosedives 15%, Crypto Market Value Drops To $28 Billion

ETH nosedives by 15 percent while the entire value of the crypto market dropped by $28 billion so in the coming altcoin news we take a closer look at the price movements of the crypto assets.

Litecoin and Ethereum also dropped in the range of 11 to 15 percent during the night. The analysts believe that the correction was mainly made due to the technical move with the 200 percent year-to-date gain of Bitcoin since the beginning of the year. The market looks like it entered an oversold area so can it recover?

The market analyst Alex Kruger stated on July 12 that while the long term trend of bitcoin is still bullish, the drop in the price of the number one cryptocurrency below $11,300 which serves as a key support level could lead to a drop below $10,000:

 “Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’

Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:

 “Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’

Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:

 “$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’

As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.