The rally on the crypto market received a hard swipe yesterday, Tuesday. The prices collapsed in double digits across the board and Ethereum (ETH) was also hit hard. DER AKTIONÄR gives an update on the current situation and names the current brands that are in the focus of investors.
Yesterday, Tuesday afternoon, there was a flash crash on the crypto market. Even the relatively stable reserve currency Bitcoin has lost 19 percent of its value in the meantime. The entire market lost around $ 400 billion in market capitalization in a short period of time.
The crash at ETH ended yesterday almost exactly at the psychologically important $ 3,000 mark. In the further course of trading, a countermovement set in and the price briefly made the jump over the GD20 at $ 3,453.
ETH daily chart in USD
The downward trend continues on Wednesday, even if the discounts are currently much more moderate than yesterday (BTC minus two and ETH minus three percent). Yesterday’s low at $ 3,009 is currently acting as support. Additional support is also available at $ 2,892. This mark has to hold, because if it falls below another sell signal is generated. If the price stabilizes above this level, the upward trend remains technically intact.
THE SHAREHOLDER had warned of the previously overheated courses and the threat of profit-taking at ETH. Market circles hold the sometimes extreme lever positions responsible as a possible cause of the flash crash. According to CoinDiffer $ 3.54 billion positions in the derivatives market were liquidated.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from the price development that may result from the publication: Ethereum.