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The hopes that the Bitcoin Exchange negotiated fund will become a reality this year have been shattered by yesterday's SEC decision. This year there will be no Bitcoin ETFs. The price of Bitcoin is paralyzed on the back of this and I think it is likely that the price will not only fall below the value of $ 2K, but with this kind of momentum behind, the price can test the 1500 level.
In a nutshell, the bad news keeps coming just like the cockroaches coming out of a hole.
If we look at the price of Ethereum, the future god of the crypto-market (once called that), is treated worse than a narcissus leader of the mafia. He 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 cryptographic market that has the ability to blow your head and the downside is limited and the price at its current level represents an opportunity for a lifetime.
In terms of technical analysis, the price failed to overcome the downtrend line and this confirms that the downward trend is strong. It seems that the price can test the next support that is shown by the horizontal green line.
The price of Ethereum is very close to its long-term support zone, indicated by the green horizontal line over a daily time frame. The RSI is showing an extreme reading and is trading below 30-mark. Any reading below 30 usually leads the bulls to the market.
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