The cryptocurrency market has kicked off the week with a downward trend, particularly affecting altcoins. Investors are closely monitoring the performance of Bitcoin and Ethereum to assess their resilience amidst the broader market downturn.
Additionally, there is heightened interest in various trading strategies, with a focus on AI-driven approaches and the booming NFT art sector.
Recent data from Binance indicates that Bitcoin experienced a sudden drop, plummeting to as low as $66,000, while Ethereum briefly dipped to $3,319.
The market saw significant liquidations, with the entire network liquidating $157 million worth of assets, and long orders liquidating $144 million within the past hour alone.
Binance shows that Bitcoin suddenly fell to as low as $66,000. ETH briefly fell to $3,319. In the past hour, the entire network liquidated $157 million, and long orders liquidated $144 million. https://t.co/YQ6p9AZeYG pic.twitter.com/MOkuYmN9CA
— Wu Blockchain (@WuBlockchain) April 2, 2024
Further Possible Correction For Ethereum As It Losses Support
Analysts, including Ali Martinez, have voiced concerns about Ethereum’s price trajectory. Ethereum dropping below the $3,460 mark is seen as problematic for bullish sentiment. The lack of support at this level increases the likelihood of a further correction, potentially pushing Ethereum’s price towards $2,850 or even lower.
#Ethereum dropping below $3,460 is a problem for the bulls! Given the lack of support, it increases the chances for a further $ETH correction toward $2,850 or lower. pic.twitter.com/dFpnpZtBVM
— Ali (@ali_charts) April 2, 2024
These developments have prompted discussions among investors and traders about the short-term outlook for cryptocurrencies, particularly Bitcoin and Ethereum.
Some are adopting a cautious approach, closely monitoring market dynamics and looking for potential entry points, while others are exploring alternative assets or trading strategies to navigate the current volatility.
As the week progresses, market participants will continue to assess the evolving situation and adjust their strategies accordingly. The cryptocurrency market remains dynamic and unpredictable, underscoring the importance of staying informed and agile in response to changing market conditions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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