Bitcoin, Ethereum Technical Analysis: BTC at 2-Year Low, ETH Down 20% as FTX Turmoil Leads to Crypto Bloodbath

Bitcoin plunged to a two-year debased connected Wednesday, arsenic the FTX token sell-off continued to measurement connected cryptocurrency markets. After an archetypal 30% slide, FTX token fell by arsenic overmuch arsenic 80%, arsenic Binance confirmed its volition to sorb the failing exchange. Ethereum was besides lower, dropping beneath $1,200.

Bitcoin

Bitcoin (BTC) fell to its lowest level successful 2 years connected Wednesday, arsenic markets continued to respond to the volatility caused by the FTX/Binance affair.

The world’s largest cryptocurrency plunged to a debased of $17,402.55 earlier successful today’s session, little than a time aft trading astatine a precocious of $20,582.24.

This move, which saw prices plummet by arsenic overmuch arsenic 10%, took BTC/USD to its lowest level since November 2020.

BTC/USD – Daily Chart

As tin beryllium seen from the chart, the diminution intensified erstwhile the token fell beneath its semipermanent enactment level of $19,000.

In summation to this, the 14-day comparative spot scale (RSI) has besides slipped to a level of its own, which is adjacent the 29.75 level.

BTC has somewhat rebounded from earlier lows, with the token present trading astatine $17,718.95, with immoderate bulls hoping for a enactment astir $17,900 to beryllium established.

Ethereum

In summation to BTC, ethereum (ETH) besides fell considerably successful today’s session, arsenic prices dropped beneath $1,200 successful the process.

Following a precocious of $1,564.55 connected Tuesday, ETH/USD was down by arsenic overmuch arsenic 20%, hitting a debased of $1,157.23 .

This driblet saw ETH determination to its lowest level since July 14, erstwhile the token was trading somewhat supra $1,000.

ETH/USD – Daily Chart

Like with bitcoin above, the RSI connected this ethereum illustration is present tracking astatine 33.00, which is marginally supra a level of 32.50.

This reading, which is the weakest speechmaking successful the past 5 months, means that prices are present successful oversold territory, which semipermanent bulls judge means that a bottommost has been hit.

However, the 10-day (red) moving mean continues to autumn downward, and should this inclination continue, it is apt that ETH volition determination beneath $1,000.

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Have we reached a bottom, oregon volition this week’s sell-off intensify? Leave your thoughts successful the comments below.

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