Ethereum is currently recording immense losses despite the highly anticipated “The Merge” update. Bitcoin and most altcoins are also down – many assets even in the double-digit percentage range. Are Crypto Markets Ready For The Next Big Crash?
ETH and ETC surprisingly weak – despite the merger
The biggest loser of the last 24 hours: Ethereum Classic (ETC). The original version of Ethereum (ETH) was able to gain a lot yesterday, but has already lost a large part of its profits today. From yesterday’s high of $41.84, the bears have pushed the coin to lower and lower lows – as low as $33.93 where ETC is currently trading (data from Coinmarketcap.com). Result: a total daily loss of nearly 19%.
Ethereum (ETH) is only slightly better: investors are currently complaining of a daily loss of 9%, compared to a weekly decline of 4.44%. Despite the fact that the Bellatrix fork just went live and paved the way for The Merge.
The correction took Ethereum away from the local high at $1,678 and pushed it as low as $1,500. In the meantime, the bulls were able to catch up to a low and push the price to $1,516, where ETH is currently trading.
But many investors are now worried about the future prospects of the leading smart contract platform. Did Ethereum ever lose its bullish momentum just before “The Merge”? Could Ethereum fall further? The famous pseudonymous chartist “BigCheds” commented on this in a new analysis.
He writes to his 282,000+ Twitter followers: If ETH continues to fall, the next support zone is $1,420. If Ethereum fails to hold it, it faces another drop – down to $1,280, where the next support zone is.
Bitcoin and altcoins also under pressure
Not only Ethereum and Ethereum Classic are currently causing pain to their investors. Bitcoin and almost all altcoins are also suffering.
For example, BTC, the number one cryptocurrency by market capitalization, is down 5.58% since yesterday and is also down 7.23% for the week. Bitcoin is currently trading at $18,805 below $19,000 for the first time in about three months.
That’s not all, because: At the same time, fewer and fewer people search for the term “Bitcoin” on Google. Search queries have been declining since mid-June. This is bearish for the digital asset. Background: Large swings in search interest are often accompanied by large swings in price.
This can also be seen elsewhere: the entire crypto market cap must have lost 5.88% in the last 24 hours, so that it currently stands at $938.94 billion.
It is quite possible that Bitcoin is in danger of suffering more in the short term. For example, top analyst CryptoCapo_ thinks Bitcoin is likely to surge to $23,000 and then drop to $15,000.