The Continuing Sell-Off: Bitcoin and Ethereum Prices Plunge Amidst ETF Fears
The post-ETF sell-off in the cryptocurrency markets continues as both Bitcoin and Ethereum prices take a hit. After reaching a fresh weekly low of $40,650 on Thursday, Bitcoin is currently trading just above $41,000 on Friday morning. Similarly, Ethereum has also experienced a decline of 2.5% in the past 24 hours. This negative price action can be attributed to the rising dominance of USDT, which saw a 3.3% increase on Thursday.
The Bitcoin price has been on a downward trend for the past two weeks, following a rejection from the $48,000 level. While some investors see this as an opportunity to buy BTC at a lower price, many analysts believe that there is more downside potential before a significant recovery takes place.
MANTA Airdrop and Binance Listing: Highly Anticipated Crypto Launches with Mixed Reactions
One of the most anticipated cryptocurrencies, MANTA, finally launched yesterday as the native asset of the Manta Network ecosystem. The coin has also been listed on Binance, the largest cryptocurrency exchange in the world. However, there has been mixed reaction among early adopters regarding the airdrop allocation. Many users who were expecting a generous airdrop were disappointed when the token went live on exchanges. At the time of writing, the MANTA price is trading at $2.13.
Bitcoin Price Outlook: Consolidation Around $41,000 as Bullish Divergences Signal Possible Bottom
Following a bounce from the demand zone at around $40,500, the Bitcoin price is currently consolidating around $41,000. Bullish divergences on the 4-hour RSI and MFI indicators suggest that a short-term bottom may be near. However, there is still a chance for the price to retest the $38,000-$40,000 zone in order to hunt for liquidity. A daily closure below $40,500 will break the bullish structure on the daily timeframe. Nevertheless, the high timeframe outlook remains bullish.
Ethereum Price Drops Below $2,500: Support Holds, but Deeper Correction Possible
Due to the sell-off in Bitcoin, the ETH/USD price fell below the key psychological level of $2,500. However, the ETH/BTC pair managed to close the day with a 1.06% gain, indicating that Ethereum price remained resilient against Bitcoin. Currently, the support level at $2,458 is holding, but this may change if Bitcoin drops below $40,000. Bulls will need to clear the supply above $2,591 in order to aim for a bigger move towards $3,000. Until then, there is still a possibility of a deeper correction to the $2,458 level.
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Analyst comment
News 1: Negative – The sell-off in Bitcoin and Ethereum prices, coupled with ETF fears, has caused a decline in the cryptocurrency market. Analysts believe there is more potential downside before a recovery.
News 2: Mixed – The launch of the MANTA cryptocurrency has generated mixed reactions due to disappointment in the airdrop allocation. The listing on Binance, however, is positive. The MANTA price is currently trading at $2.13.
News 3: Neutral – The Bitcoin price is consolidating around $41,000, with bullish divergences suggesting a possible bottom. There is a chance for a retest of the $38,000-$40,000 zone.
News 4: Neutral – Ethereum price fell below $2,500, but the ETH/BTC pair remained resilient. Support is holding at $2,458, but a deeper correction is possible if Bitcoin drops below $40,000.
News 5: Neutral – Joining the community will provide updates on top tech news and developments, keeping investors informed and ahead of the curve.
