Market

Will there be an unexpected collapse for Ethereum and Cardano?

The Bitcoin slump has hit the entire market. From a tech point of view, it is expected to consolidate over the next few weeks as altcoins can gain the upper hand. But the plot took a dizzying turn.

Along with this fix, let’s take a look at Ethereum and Cardano to see if any unexpected crashes occur.

Ethereum and Cardano

Source: trade view

The market-wide crash was certainly a surprise for Ethereum. Before falling 9.4%, it rallied above the $ 4,238 resistance. However, Ether failed to consolidate as a series of liquidations resulted in a drop below $ 4,000.

Source: trade view

Cardano seemed less surprised. Since the 3rd week of September, ADA has been consolidating between the USD 2.3 and USD 2 price range. It has been hovering below the 20 moving average (MA-20) on the 1-day chart since October 10th. Many in the market expected the same thing to break soon.

However, ADA broke the support line and hit $ 1.81, falling 15.62%.

Excited, what else?

Source: CryptoQuant

24 hours before the decline, the estimated leverage of all exchanges for Ethereum hit the point of overheating. The same was noted in previous adaptations.

The aforementioned leverage was last seen on September 3rd when Ether fell 25% from $ 4,000 to $ 3,000.

Source: Skew

Additionally, ETH / BTC’s 6-month implied volatility also hit a 3-month high, suggesting that traders are getting more excited about ETH. More upward volatility was expected, but history has changed in the short term.

Cardano was more or less liquidated at $ 20 million, the largest since Sept. 7 with $ 55 million in liquidation.

Can you recover quickly?

Cardano could come under pressure as it lacks momentum for the month while Ethereum is likely to rebound immediately and regain its position above $ 4,200 soon.

However, it is important to analyze the buying pressure over the next 48 hours. So until then, it’s safer to stay calm and avoid FOMO investments.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Teacher

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

4 hours ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

4 hours ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

4 hours ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

5 hours ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

6 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

7 hours ago

This website uses cookies.