Ethereum

Bitcoin And Ethereum Bleed 10% In Violent Crypto Market Shakeout

Ethereum reached highs over $4,000 today and Bitcoin made another attempt at over $59,000. Within a two-hour window, more than 10% of recent gains were wiped out sending Ether back below the key level and Bitcoin tumbling lower.
Is this a sign of a reversal in the making, or are these powerfully trending assets simply too unstoppable right now for the rally to be over?
Ethereum, Bitcoin Dive Nearly 10% In Violent Free Fall
Ethereum has had one of its most productive months yet in terms of ROI, all while Bitcoin has struggled to maintain local highs. The recent altcoin season has been especially fruitful, propelling Dogecoin to nearly a dollar and Ether to $4,000.
Related Reading | Lucky Number 7: Ethereum Breaks Total Crypto Monthly Record
While Bitcoin consolidates, these altcoins are making the cryptocurrency’s recent run look like child’s play in terms of ROI.
However, much of that ROI was just erased in a matter of minutes.

Within two hours 10% was gone from both coins | Source: ETHUSD on TradingView.com
What This Means For The Current Crypto Market Cycle
A long and nasty wick is all that remains on both BTCUSD and ETHUSD on the shortest timeframes. Currently, the daily on both crypto assets looks bearish but a bear trap ahead of a breakout isn’t out of the cards.
Crypto has been a full bull mode for some time, and a correction could also be long overdue. These assets are up hundreds if not thousands of a percent already this year, and have barely taken a breather.
Related Reading | Creator Of Flawless Top Indicator Says Bitcoin Isn’t Done, Despite Signal
Markets tend to correct when participants least expect it, and the current greed and exuberance has been the highest in years. An unexpected correction could leaves bulls gasping for air and wondering what happened.
Featured image from iStockPhoto, Charts from TradingView.com

bitcoin
Bitcoin (BTC) $ 61,261.41
ethereum
Ethereum (ETH) $ 3,388.59
tether
Tether (USDT) $ 0.999078
bnb
BNB (BNB) $ 574.07
solana
Solana (SOL) $ 136.36
staked-ether
Lido Staked Ether (STETH) $ 3,387.77
usd-coin
USDC (USDC) $ 0.999652
xrp
XRP (XRP) $ 0.477775
the-open-network
Toncoin (TON) $ 7.56
dogecoin
Dogecoin (DOGE) $ 0.123517
cardano
Cardano (ADA) $ 0.386715
tron
TRON (TRX) $ 0.120036
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 25.18
wrapped-bitcoin
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chainlink
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polkadot
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bitcoin-cash
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uniswap
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near
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wrapped-eeth
Wrapped eETH (WEETH) $ 3,519.23
leo-token
LEO Token (LEO) $ 5.75
matic-network
Polygon (MATIC) $ 0.569171
litecoin
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dai
Dai (DAI) $ 0.998957
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.69
internet-computer
Internet Computer (ICP) $ 8.16
kaspa
Kaspa (KAS) $ 0.155792
ethena-usde
Ethena USDe (USDE) $ 0.999272
ethereum-classic
Ethereum Classic (ETC) $ 23.44
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,419.43
aptos
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render-token
Render (RNDR) $ 7.77
monero
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hedera-hashgraph
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cosmos
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arbitrum
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stellar
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filecoin
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mantle
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okb
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crypto-com-chain
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immutable-x
Immutable (IMX) $ 1.57
blockstack
Stacks (STX) $ 1.61
injective-protocol
Injective (INJ) $ 23.09
first-digital-usd
First Digital USD (FDUSD) $ 0.999646
sui
Sui (SUI) $ 0.900922
lido-dao
Lido DAO (LDO) $ 2.43
the-graph
The Graph (GRT) $ 0.222380