1. Average decline in the cryptocurrency market
The cryptocurrency market saw a slight decline of 0.63% over 24 hours, with a weekly drop of 4%, indicating weakness in overall momentum despite monthly gains of 11.5%. This decline is linked to the market's impact from technology stocks, alongside widespread liquidations in Bitcoin exceeding $36 million in the past day.
2. Downward pressures on Ethereum
Ethereum's ETF funds experienced a historic withdrawal of $465 million in a single day, marking the largest decline since the launch of these products. This event leads to increased contraction and concern over slowing institutional demand.
3. Negative pressure on FET after a rise
The price of FET (Fetch.AI) faced downward pressures after encountering major resistance at the $0.7291 level, and is now showing negative technical patterns indicating a potential return to correction despite previous weekly gains.
4. Increased selling by 'whales' of XRP
The XRP currency is experiencing increasing volatility due to significant selling from large investors ('whales'), raising concerns of a price correction and negative trading wave.
5. Decline in Bitcoin Cash price ahead of halving
The price of Bitcoin Cash (BCH) decreased by 3.97% over 24 hours, despite bullish expectations associated with the upcoming halving event. The support level at $490.20 is now being monitored to ensure price stability.
🌟Analytical summary in speaker format:
Today, I notice a wave of negative news affecting investor confidence and technical positions in the market. First, a general decline in performance shows the fragility of the connection between cryptocurrency markets and traditional technology. Second, a massive outflow from Ethereum funds creates additional pressure on the upward momentum. Third, currencies like FET and XRP face resistances and selling behaviors that enhance the likelihood of a correction. Fourth, even BCH recorded a noticeable drop despite optimism about the halving.#ETH4500Next?
#BinanceAlphaAlert #Notcoin #BuiltonSolayer
