Hopes for Bitcoin Exchange traded fund becoming a reality this year were dashed by the SEC’s decision yesterday. There will be no Bitcoin ETF this year. The price of Bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level.
Simply put, the bad news keeps coming just like cockroaches coming out of a hole.
If we look at the Ethereum price, the future God of the crypto market (once it was called this), it is being treated worse than a narcos mafia head. It has lost all the potential and the fact that the price has dropped below the key psychological level of $100, this is the most bearish sign to date.
But again, this is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime.
In terms of technical analysis, the price has failed to break above the downward trend line and this confirms that the downtrend is strong. It seems like that the price may test the next support which is shown by the green horizontal line.
Ethereum price is very close to its long term support zone shown by the green horizontal line on a daily time frame. The RSI is showing extreme reading and it is trading below the 30-mark. Any reading below 30 usually brings bulls back into the market.
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