From the start of the week, the bullish sentiment in the crypto market was negative on November 4, after Fed Chairman Jerome Powell confirmed that the central bank would soon begin to tighten monetary policy and buy bonds. In addition, the US Treasury Department released a report on stablecoins on Nov. 1, essentially calling on Congress to regulate cryptocurrencies. In the process, Bitcoin, SHIB, DOGE and Cardano drifted to the red side, while CHR and AMP gained over 20%.
The decisions triggered a series of declines on the cryptocurrency market!
These moves seem to have triggered a series of price drops in the cryptocurrency market right now, with both Bitcoin and Ethereum under pressure. BTC price quickly dropped to $60,400 on Nov. 3 and the bearish trend continues today as it struggles to hold $61,000.
Ethereum also fell some more the day after it hit a new record of $4,664 on Nov. It is currently trading at $4,509, marking a 3.19% drop from ATH. cryptocoin.com On the other hand, Rekt Capital, for which we share the analysis, says that Ethereum will test a decisive level on the weekly chart.
Ethereum should close the week above this level, according to Rekt Capital
Ethereum needs to close the week above the previous ATH level of $4,460 to continue its momentum. Rekt Capital shared the following technical chart and states:
ETH made new ATH this week. To maintain this positive momentum, all ETH has to do is close weekly above the previous ATH (blue). In this way, ETH can again go into price discovery, turning the old ATH level to support.
While SHIB and TRAC lose, these two altcoin projects appreciate
The pullbacks of Bitcoin and Ethereum hit the altcoin market hard, pushing most of the top 200 cryptocurrencies into the red zone. Some of the tokens that dropped the most were Shiba Inu (SHIB) with 17.22% after skyrocketing to new ATH due to its listing on Coinbase. It was the other altcoin that has exploded in recent weeks, including a 38% drop in OriginTrail (TRAC).
However, it was not all negative. There are several cryptocurrencies that oppose the bearish trend of the market, such as VLX by the AI-powered decentralized PoS protocol Velas, with VLX up 30.4% on the day, Chromia (CHR) 26.47% and AMP 20.53%.
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