The crypto market appears to be firmly in the grip of the bears, with significant cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ethena (ENA), Avalanche (AVAX), and Internet Computer (ICP) all exhibiting negative performance over the past week, a trend that has continued into the past 24 hours.
Particularly, the decline in these major crypto assets has contributed to a decrease in the overall crypto market capitalization, which has fallen nearly 1% in the past day, equating to an outflow of nearly $100 million.
Analyzing the Performance of Major Cryptocurrencies
**Bitcoin (BTC)**
As the leading and largest cryptocurrency by market capitalization, Bitcoin’s performance, whether positive or negative, typically has a more substantial impact on the overall crypto market cap compared to other cryptocurrencies. Over the past 24 hours, BTC has shown mixed performance, fluctuating above and below $61,000. Currently, BTC is trading at $60,905, reflecting a 0.2% increase in the past day. Technically, BTC appears to have rejected from a notable demand zone on the 8-hour chart.
Source: BTC/USDT TradingView
Despite struggling to break through major resistance on the daily chart, the recent rejection from this demand zone suggests a potential short-term surge from the current level before continuing the downtrend. Notably, BTC is down nearly 6% over the past week and 17.4% from its all-time high (ATH) in March.
**Ethereum (ETH)**
Ethereum is currently trading at $3,382, following a slight increase of 0.2% in the past day. Amid sluggish price movement, a notable trend has been observed in ETH’s trading volume, which has plummeted drastically from $11 billion yesterday to below $7 billion today. This drop in trading volume indicates decreased market activity and interest, which can often lead to consolidation or potential reversal. Unlike Bitcoin, which shows a clear demand zone, ETH’s chart lacks a notable demand zone but does show a reaction from a notable breaker lock on the 8-hour chart.
Source: ETH/USDT TradingView
Given ETH’s current downtrend and multiple breaks of structures to the downside, we can expect reactions from these levels but not necessarily a reversal. According to CoinGecko, ETH is down 3.5% over the past week and approximately 30.7% from its ATH of $4,878 in 2021.
**Ethena (ENA)**
Despite ranking 95th among the largest cryptocurrencies by market cap, ENA has recorded a 1.7% loss over the past day, trading at $0.5112. This price mark comes after a 15.6% plunge over the past week. Technically, ENA has been in a freefall, declining 66.3% from its ATH of $1.52 in April 2024. The asset’s chart does not indicate its current reaction level on the higher time frame. However, given that the asset is now oversold, a short-term surge to the premium zone of the latest swing is likely to take out liquidity and fuel the continued downtrend.
Source: ENA/USDT on TradingView
**Avalanche (AVAX)**
Avalanche, ranking 13th among the largest cryptocurrencies by market capitalization, has seen a 1% decline in the past day. This is a slight drop from its nearly 7% uptick over the past week. This uptick can be seen as a recovery from a notable $54 million transfer to exchanges last week, which brought AVAX to trade below $25. Technically, AVAX is in a downtrend and appears oversold, leading to a reversal to the premium zone to gather liquidity for its continued downward journey.
Source: AVAX/USDT on TradingView
**Internet Computer (ICP)**
ICP ranks 25th among the largest cryptocurrencies by market capitalization, currently trading at $7.95, down 1.5% in the past day. This decline extends its week-long plunge of nearly 5%. Technically, ICP has been in a freefall, with the higher time frame chart not indicating its direction or current reaction level. However, on the 1-hour chart, the asset has recently grabbed liquidity at a notable supply zone, suggesting a continued plunge towards the major swing low at the $7.5 region.
Source: ICP/USDT on TradingView
Tags:
AVAX, BTC, ETH, ICP