The performance of Ethereum (ETH), the second largest cryptocurrency by market capitalization, is currently raising some serious questions. #ETH has recently fallen below the $1,850 price level, which has triggered a further downfall, presenting a potentially gloomy picture for the near future.
Historically, #Ethereum. has shown a tendency to bounce back from significant support levels. However, the current scenario seems different. After falling below $1,850, the next support level is at the 200-day Exponential Moving Average (EMA), indicating that Ethereum might not see a bounce until it reaches the $1,785 price level.
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The volume of ETH traded is also showing a downward trend, which typically indicates reduced market activity, and could signify bearish sentiment among investors. The descending volume, combined with the declining price, indicates a bearish market phase for ETH and could lead to increased selling pressure.
This recent performance is not taking place in a vacuum. Market sentiment has been swayed by the recent rumors of the Department of Justice (DOJ) launching a probe into Binance, one of the world's largest cryptocurrency exchanges. This investigation has added an extra layer of uncertainty to an already volatile market.
XRP falls under pressure
XRP has failed to maintain its position above the 21-day Exponential Moving Average (EMA). This misstep could potentially lead to a further price depreciation of approximately 7%.
After a promising rally, XRP unfortunately failed to maintain its bullish momentum and fell below the 21-day EMA. This event is typically perceived as a bearish signal by traders, indicating a possible downward trend in the near future. As a result, XRP is now making its way toward the 50-day EMA, a crucial support level that stands at a price threshold 7% lower than the current level. If this support fails to hold, the consequences could be even more severe for XRP's price.$XRP
