FTX crash Bitcoin (BTC) including altcoinIt also affected the future and hard dreams were experienced.
crypto market FTX As it continues to struggle with the difficulty and downward trend brought by the collapse of the company, the last concern that Genesis will go bankrupt, as in the whole market, on Ethereum (ETH) also resulted in declines.
Bitcoincenter’s Ethereum Rainbow indicator has dropped to its lowest level in two years as investors and markets fear that Genesis will go bankrupt.
Ethereum rainbow indicator ETHIt is one of the tools used by .
According to data from Bitcoincenter, as of November 22 Ethereum The rainbow indicator has also dropped below the ‘Fire sale’ point, which is the lowest band on the chart.
The last time Ethereum fell below the lowest band on the rainbow chart was in March 2020. ETH was trading above $100 at that time.
ETH in the rainbow ETH When its movements are examined historically, it shows that Ethereum started a new rally after ETH fell below the lowest band.
Because in 2020, ETH started to rise after falling below the lowest band and recorded new ATHs in the 2021 bull market.
Although the rainbow chart gives a bullish signal for Ethereum, the sale of ETH by the FTX hacker continues to negatively affect the risk appetite in Ethereum.
*Not investment advice.
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