The cryptocurrency market seems to be low today as most of the coins are in the red zone. The total market capitalization has come down by a huge amount and at 10:22 AM UTC, it was seen to be at $402.734 billion. It was in the $430 billion levels when a huge bearish pull took it down to just above $401 billion.
However, Bitcoin [BTC], EOS and TRON are still seen to be in the green zone with 0.37%, 2.07%, and 5.24% gain respectively in the last 24 hours. A major loss happened to Bitcoin Cash as it dropped by 15.23%, partially reversing its gain in the last two days, making it the biggest loser of the day as of now.
The cryptocurrencies have not yet reversed the gains totally, but the general trend appears to be bearish. As a result of this, the altcoins also have had a loss equally. There had been a huge buying pressure for all the coins during the last few days and the buyers were getting exhausted.
Our sentiment analysis segment comprises of quality sentiments from around the world which are on the current market trends and possible outcomes of the coins. The expert opinions of people were gathered and are presented as it is to ensure that our readers get a wholesome picture.
For this purpose, a group of investors, analysts, skeptics, miners, influencers were interviewed and based on the sentiments that they provided, we have carefully structured this segment. This analysis is on Ethereum [ETH] which is the second most important coin in the cryptocurrency market.
At 10:46 AM UTC, Ethereum was seen to be trading at $617.18 with a market capitalization of $61.123 billion. The coin has had a loss of 10.73% and the coin dropped from the $700 mark due to a major bear pull. The coin is currently trading at the swing low levels and it is still going down.
Ethereum had crossed the $700 mark and was consolidating above that. The bearish trend kicked in at 11:54 PM UTC yesterday and at that time the coin was seen to be trading at $707.36, which is almost around the previous high of $707.42. The resistance at $720 was strong and the coin could not break it.
There is a chance for the coin to have further correction with a downside bias. The coin broke the support it had at $635 and continues with the downside momentum.
Joanna Steinbeck, a news reporter from Chicago says:
“Ethereum is falling and the bear pull is expected to continue. This may take the coin down to the swing lows at $506.36. The Stochastic RSI is heading towards an oversold position and the MACD indicators also show a negative trend.”
Christopher Allen, an Ethereum investor from Toronto says:
“I was waiting to re-enter at $750 mark as I saw the coin cross the $700 mark. The coin was forming a cup and handle but unfortunately, the coin could not break above the handle. The targets set for the coin was at $749.99 and $849.89 but due to the strong resistance above the $700 mark, the coin could not make it.”
Nathan Hill, a scientist from Manchester says:
“The bearish trend may take the coin down to low levels of $500. But there is a possibility of a bullish reversal, after which, the coin may retrace back to the previous highs. The next support area seem to be around $575 and this is followed by $500. This drop was expected as the buyers were slowing down.”
To conclude, the sentiments were mostly negative with a 76% of the Ethereum respondents feeling bearish. They feel that the bears have woken up and they are really hungry. Another 24% of Ethereum believers are of the opinion that the coin will be able to hold on to the support which is currently formed below $600.