In contrast, bitcoin fell once again from $ 30,000 to $ 29,000. Now the pressure is on the lower support zone. Today’s minimum was $ 28,858. The bitcoin price is still under pressure, and we could see a stronger break below if this consolidation continues. Potential bearish targets are $ 28,600, $ 28,000 and so on. We need new positive consolidation and a bullish momentum that will move us out of this support zone for the bullish option. We need to go up to $ 30,000 again. After that, if the price is maintained, the next move is to jump to the $ 31,000 level. A break above this zone would boost bullish optimism into a possible further recovery of bitcoin.
Ethereum chart analysis
The price of Ethereum has fallen below the support zone, dropping to the $ 1,800 level. Since the beginning of the day, ETH has lost 6.80% of its value. We had a smaller consolidation of about 1840 dollars, but the price dropped to 1800 dollars again due to excessive bearish pressure. There are currently no indications of a potential recovery, and based on that, we can expect the price to continue to fall. The next bearish target is $ 1,700, which is the May minimum. Before that, the price of Ethereum was at that level in June last year. If the price consolidates at the current level, we need positive consolidation for a potential recovery. It would be of great importance if Ethereum could rise above $ 1,900 again. Then we would return to the zone of the previous ten-day movement of 1900-2100 dollars.
Market overview
About six months ago, bitcoin and numerous digital assets reached all-time highs, and the value of the crypto-economy is above $ 3 trillion. Today is different because most cryptocurrencies have fallen between 57% and over 80% against the U.S. dollar. Six months ago, bitcoin touched the all-time record at $ 69 per unit and today, and it has fallen more than 57% in value in USD. The second leading asset, Ethereum, lost 59.85% after reaching $ 4,847.57 per ether six months ago. The BNB’s fourth-largest crypto-asset fell 52.65% after using $ 689 per unit.
Market strategists believe most bear markets last just under 9.5 months. Moreover, cryptocurrencies have recently been correlated with stock markets, specifically stock indexes such as the Nasdaq 100 and S&P 500. This could mean that the crypto bear market will not end until the stock market is completed.
Bank of America strategists recently detailed that the S&P 500 recorded a total of 19 bear market cycles. The average duration of each cycle was approximately 289 days, and the average bottom of the S&P 500 was 37.3% lower than ATH. If cryptocurrencies follow a pattern, it could mean that bearish sentiment could last another three months longer if history repeats itself and digital assets continue to follow the current correlation with stocks.
