Ethereum and Bitcoin Take a Hit Amid Sharp Crypto Market Downturn | Crypto

Ethereum and Bitcoin Take a Hit Amid Sharp Crypto Market Downturn

– A widely followed crypto analyst is laying out the support levels both Bitcoin (BTC) and Ethereum (ETH) need to hold to recover from the markets most recent downswing.

– The pseudonymous trader known as Rekt Capital tells his 327,000 Twitter followers that the leading smart contract platform could close as low as $1,550 and still recover.

– Ethereum is changing hands for $1,694 at time of writing, a 9.1% dip in the last 24 hours.

– The analyst then says that the top crypto asset by market cap has lost its support at the 200-week moving average due to the latest crypto market downturn, but that recovery is possible as a relief bounce could flip that area into new resistance.

– Bitcoin is trading for $21,345 at time of writing, an 8.8% drop in the last day.

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