Downside moves continue in the cryptocurrency market. Popular cryptocurrencies ETH, MANA and AVAX also continue to decline.
The downtrend in the cryptocurrency market continues. In this process, almost all altcoins lose value. In order for altcoin prices to start increasing, the leading cryptocurrency Bitcoin (BTC) needs to gain upward momentum.
During this decline, the leading altcoin Ethereum (ETH) has lost 4% in the last 24 hours, the popular metaverse coin Decentraland (MANA) has lost 6% and the popular cryptocurrencies of 2021 Avalanche (AVAX) has lost 2%.
Ethereum Key Levels
As of the time of writing, Ethereum is moving above $ 3,800. Considering that ETH has regressed to $ 3,600 levels, although there is some recovery, the leading altcoin is trading almost $ 1,000 below the record level of $ 4,867.
According to analysts, ETH must first surpass the $3,850 pivot level before it can break the currently strong $4,000 resistance. If these two levels can be broken strongly, the next strong resistance could be in the $4,350 band. However, ETH’s ability to gain upward momentum currently seems to depend on Bitcoin’s price.
If BTC continues to decline, ETH could test the supports at $4,800 and then $4,650.
MANA Outperforms AXS
Although there are decreases in the market, there are still changes in the market capitalization rankings among cryptocurrencies. According to CoinMarketCap data, currently Decentraland (MANA) is the leader in metaverse coins with a market cap of $5.77 billion, and previously the leader Axie Infinity (AXS) is in second place with $5.76 billion.