Macro factors contributed to the downward trend in the cryptocurrency markets, with continued rampant inflation and the Federal Reserve’s hike in interest rates to control price hikes. But can suffering see the light at the end of the tunnel? Ethereum [ETH] And the Bitcoin [BTC].
Here AMBCrypto Ethereum Price Prediction [ETH] For 2022-23
In the first half of October 21, encryption markets looked gloomy as such BTC And the ETH It was about to break below the key weekly support levels. Some altcoins have seen some green pastures but not the two biggest cryptocurrencies. ETH and BTC are planning to take a different path from altcoins.
Bitcoin and Ethereum both witnessed major transactions that occurred while traders were at a huge loss. According to Santiment, Bitcoin that it minimum Ratio of loss versus profit transactions at 4.5 months, and Ethereum Recorded historically lows.
Looking at the chart, the analytical platform added,
“Signs of capitulation appeared on Friday, including transactions from the trading addresses of its assets during the loss.”
Here, the traders opened huge short positions, as evidenced by the financing rates. Sanment noted that liquidations tend to be common, and a sudden bounce may occur in such scenarios. This means that the market could be in a state of re-restriction.
Lessons from the past
Bitcoin and Ethereum recently had a 1v1 showdown with the aforementioned combo. Consider Ethereum since the merger, which is the number of trades on Ethereum network was plagued back down. Removing the “weak hands” could really help Grid in light of the surrender stage.
Bitcoin also rode the same bandwagon. Whalemap monitoring resource Putting a mark A transaction involving 32,000 bitcoins. Whalemap was quick to discuss an alternative perspective to the classic bear market narrative – big investors capitulated at the lows.
In general – could this indicate a possible rebound in the bear market space? Definitely a possibility here. In fact, at the time of writing, both BTC and ETH have seen a small percentage of price hikes on CoinMarketCap. But again, one has to consider the possibility of making other corrections.