{"id":369515,"date":"2019-01-28T21:00:20","date_gmt":"2019-01-28T21:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=369515"},"modified":"2019-01-28T19:24:54","modified_gmt":"2019-01-28T19:24:54","slug":"altcoins-plunge-as-bitcoin-and-crypto-markets-drop-below-recently-established-support-levels","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/altcoins-plunge-as-bitcoin-and-crypto-markets-drop-below-recently-established-support-levels\/","title":{"rendered":"Altcoins Plunge as Bitcoin and Crypto Markets Drop Below Recently Established Support Levels"},"content":{"rendered":"

Over the past couple of weeks, the crypto markets have experienced a persisting bout of sideways trading that didn\u2019t allow for any major price action in the altcoin markets. Today, however, the typical crypto volatility returned<\/a> in full force, sending most major altcoins and Bitcoin down significantly over the past 24-hour trading period.<\/p>\n

Today\u2019s drop led most altcoins to break below their previously established support levels, which puts further losses in play in the near-term.<\/p>\n

Analysts: Ethereum Likely to Drop Further as Altcoins Sink<\/strong><\/h2>\n

Throughout the past few weeks, Bitcoin had found support at approximately $3,500, as it tested, and bounced, at this level on multiple occasions. This led Bitcoin to establish a tight trading range between $3,550 and $3,650, which it traded in for the past week.<\/p>\n

Earlier today, Bitcoin<\/a> plunged below its support level in the low-$3,500 region, which sent most major altcoins sinking.<\/p>\n

At the time of writing, Ethereum (ETH) is trading down nearly 9% at its current price of $105. ETH appears to have found some support around $100, as it bounced slightly once this price level was touched earlier today.<\/p>\n

Analysts agree that if Ethereum is unable to hold above $100, it will likely sink towards its 2018 lows that were set at around $85 in mid-December of last year.<\/p>\n

Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke bearishly about ETH late last night, saying that significantly lower lows will be in play if the cryptocurrency is unable to maintain above $100.<\/p>\n

\u201c$ETH – had a 100% move from the Dec lows which puts the 78.6 fib retrace right at the November low\u2019s sub $100. A failure to hold the century mark setups up much lower price targets,\u201d he explained.<\/p><\/blockquote>\n

\n

$ETH<\/a> – had a 100% move from the Dec lows which puts the 78.6 fib retrace right at the November low\u2019s sub $100. A failure to hold the century mark setups up much lower price targets #ethereum<\/a> pic.twitter.com\/PiDwCClphc<\/a><\/p>\n

— BIG Chonis (@BigChonis) January 28, 2019<\/a><\/p><\/blockquote>\n