ETH and Altcoins Follow Bitcoin Bloodbath

After a significant 8% drop in Bitcoin’s USD price the past few days, the cryptocurrency market has continued to bleed significantly with Ethereum and many other altcoins following the negative trend. Ethereum suffered a 12% drop in the past few days (currently at $410 at the time of writing), moving down from the comfortable levels of support it had established around $450. ETH’s low wicked down to $395, with the next major support seemingly sitting at the $365 mark.

While Bitcoin’s price has continued shaking out in the $7,200-7,600 range, many altcoins have suffered large drops similar to ETH, past their expected levels of long-term support.

Below is the 4h ETH/USD chart, with the 12% drop highlighted:

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This drop in Ethereum’s price has seen serious bleeding across a variety of other coins, with some of the biggest losers over the past 24 hours being Waltonchain (-16.60%), ICON (-15.54%), Wanchain (-14.68%) and Vechain (-13.20%). Other coins which also dropped by more than 10% today are PundiX, PolyMath, Dent, Golem, and Mithril.

Larger coins like Bitcoin Cash (-5.29%), Ethereum Classic (-4.09%), OmiseGO (-6.46%), NEO (-4.04%), Stellar (-6.83%) and 0x (-6.13%) have also been suffering over the past 24 hours.

While some coins like EOS, Tezos, and Komodo especially have recovered and are doing positively on the 24h timescale, many other coins continue to reach for new bottoms. Today’s hit of drops only underscores the relative negative downtrend over the past couple of weeks for Ethereum and various other altcoins.

Ethereum looks like it will be hugging the $410 support line, with it possibly turning to resistance very soon. Despite Ethereum’s recent drop following Bitcoin’s, ETH/BTC has risen steadily over the past 10 hours (+3% on the high wick over the past 10 hours), offering the possibility of some breathing room for Ethereum and other altcoins, while Bitcoin possibly suffers its next drop.

Below is the 1h chart of ETH/BTC:

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Bitcoin has also moved slightly below the previously anticipated $7,500 support, and is priced $7,380 at the time of writing. If the $7,200 level breaks for Bitcoin, it looks like $7,000 is the only possible point of support before dropping back down to the $6,800 price.

News Coin Today is not a source of financial advice. Charts are from TradingView

Bitcoin Drops Down to $7.5K Support

The USD price of Bitcoin dropped around 8-9% over the past two days, moving down from its previously settled support of $8,100 to reach lows of $7,460 before arriving at $7,538 at the time of writing.

While there is some support around the $7,200 range, Bitcoin’s price could swiftly drop to $6,800 or $6,600 if this is the beginning of a new downtrend.

Below is the 4h BTC/USD chart with the drop highlighted by the box:

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The mentioned supports of 7,200, 6,600 and 6,800 are shown below, also 4h BTC/USD:

Screen Shot 2018-08-01 at 6.01.45 PM

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It seems like the bull run which began from the low $5,800 range has tapered off and is now trading in the $7,750-7,550 range for the past 24h at the time of writing. We’ll have to wait to see whether the ~$7,500 support can provide a bounce back to test $7,700 and eventually $8,000 resistance levels again in the next couple of days.

Bitcoin’s current percentage of the total cryptocurrency market capitalization is currently 47.90% at the time of writing according to CoinMarketCap.

News Coin Today is not a source of financial advice.