Ethereum (ETH) in critical condition, here’s why Bitcoin (BTC) can’t reach $70,000. Will XRP hit all-time low?

Ethereum (ETH) in critical condition, here's why Bitcoin (BTC) can't reach $70,000. Will XRP hit all-time low?

Although Ethereum was starting to gain traction in the market, the severe and continued consolidation that produced virtually nothing and only took ETH to around $3,800 was a major sign pointing to the asset’s potential future performance.


Although Ethereum was starting to gain traction in the market, the severe and continued consolidation that produced virtually nothing and only took ETH to around $3,800 was a major sign pointing to the asset’s potential future performance.

Despite its strong initial momentum, ETH’s price action has surprised many traders. After reaching resistance around $3,800, Ethereum entered a consolidation phase. The current decline we have seen, which is often an indication of market indecision, was predicted in this case by a sideways movement. In recent days, the price of Ethereum has fallen significantly, approaching $3,500.

ETH/USD chart by TradingView

The market had been feeling bullish overall, so many people were surprised by this sudden drop. There are several possible reasons for this unforeseen behavior. Initial liquidity problems could be crucial. Furthermore, macroeconomic factors and investor sentiment are always important. Ethereum’s performance may have been affected by recent global financial trends, regulatory news, or even larger market sell-offs. It is also essential to note that fluctuations in Bitcoin (such as the drop below $70,000) often have an impact on the entire cryptocurrency market, including Ethereum.

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Technical indicators show that there was a significant sell-off of ETH in a short period of time. The re-entry of buyers into the market may indicate potential for expansion. The moving averages also show another worrying pattern: the short-term moving averages cross below the long-term moving averages, which is usually a bearish signal. Despite the recent recession, Ethereum’s fundamentals remain strong.

Bitcoin is struggling

Bitcoin is struggling to cross the $70,000 threshold for several reasons. The significant lack of purchasing power is one of the main causes. Bitcoin price previously hit all-time highs due to significant capital inflows.

However, a decreasing number of new buyers are willing to make these high-end investments, depending on the market situation. The lack of buying interest is making it difficult for Bitcoin to break the psychological barrier of $70,000.

Institutional behavior change is another important component. Institutions are now moving money away from Bitcoin ETFs even though they were crucial to Bitcoin’s previous rallies. This shift is partly a result of people looking for better returns in alternative asset classes or new developments in the cryptocurrency industry.


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Bitcoin’s potential price is weakened by declining institutional support because a significant portion of the buying pressure that drove prices up came from these large-scale investors.

Furthermore, the strong fundamental drivers that have historically sparked huge bull runs are absent in Bitcoin at the moment. While the NFT craze played a similar role in 2021, the ICO boom in 2017 propelled Bitcoin to never-before-seen heights. There is currently no trend or invention like this driving investment capital and enthusiasm towards Bitcoin on a large scale.

Bitcoin’s struggles are also reflected in technical indicators. There appears to be no overbought or oversold conditions as the Relative Strength Index (RSI) has been hovering around neutrality. This neutral RSI adds to the overall feeling of indecision and uncertainty in the market, further preventing any significant price movement.

XRP in trouble

The current state of XRP is really problematic. The asset has lost numerous key support levels such as the 50 EMA, $0.5 psychological levels and others. Such performance certainly puts XRP on the list of best-performing assets. However, the only question now is: will it reach the yearly low of $0.44?

XRP has been steadily losing value over the past few weeks as it has been in a downtrend. The first real warning sign appeared when the 50 day EMA disappeared. After that, XRP fell below the critical psychological support level of $0.5, which is represented by the orange line on the 100-day EMA, further deteriorating its technical outlook.


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The yearly low of $0.44 is the next significant support level for XRP. The probability of reaching this level seems to increase taking into account the state of the market and technical indicators. There is a long-term bearish trend indicated by the 200-day EMA, which is still significantly above the current price.

The absence of significant purchasing power is one of the main causes of XRP’s decline. The asset finds it difficult to maintain its value, much less increase it, in the absence of substantial buying interest. Due to investor caution caused by macroeconomic uncertainties, overall cryptocurrency market conditions are currently not very favorable.

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