09 May Bitcoin and Ethereum Price Crash

• Fear dominates the crypto market.
• The price of Bitcoin continues its bearish trend, forming its new May low of $ 32,700.
• The price of Ethereum has lost 20.45% of its value in the last five days after it formed its May high of $ 2,967 on Thursday.

Bitcoin chart analysis and price forecast

The price of Bitcoin continues its bearish trend, forming its new May low of $ 32,700. In the last fall in the price, bitcoin lost 18.4% of its value, and only today, 3.59%: It is very likely that we will see a continuation of the fall in the price towards the $ 32,000 level. We can draw a parallel channel on the chart to make it easier to track price movements.

For the bullish option, we have no current characters on the chart until the price finds support. For something like that, we need the formation of a new bottom and a new positive consolidation that would manage to raise the price above the $ 35,000 level. An important zone for a potential reversal of the trend is around $ 36,000, the site of the previous consolidation from which this bearish trend emerged. Only after that can we hope that the price of Bitcoin with technical support will continue further towards the $ 40,000 resistance zone.

Ethereum chart overview

The price of Ethereum has lost 20.45% of its value in the last five days after it formed its May high of $ 2,967 on Thursday. The drop stopped at 2360 dollars. For now, the price is consolidating at that level for a couple of hours. She recovered slightly to $ 2,390. And on this graph, we can set up a parallel channel, and based on it, and we can follow the movement of the price of Ethereum.

The next lower level we could ask for support is at $ 2,300, and if it doesn’t hold up, the next level we need to pay attention to is $ 2,200. For a potential bullish trend, we need a price above $ 2,500, our psychological level. We can notice that the higher volatility on the chart was in the zone of around 2560 dollars. Break above this zone, and it climbs us to the next resistance zone 2680-2700 dollars.

Crypto Market overview – Fear dominates the crypto market

Bitcoin is in free fall along with the rest of the crypto market. As the bearish trend intensifies, many cryptocurrency investors turn to stable coins or sell them and leave the market.

The fear and greed index fell to 11 today, making sentiment almost as low as last year, with ten being the lowest. This kind of bearish mood could cause a potential turnaround. Whether that will lead to a complete reversal of the trend remains to be seen, or maybe we only have a rebound that leads to a lower maximum and then the continuation of the bearish trend.

Buying small quantities at this time could pay off in the coming period. The basics of bitcoin have not changed at all and looking at the problems of fiat currencies, stocks, bonds, etc., it would not be surprising to see bitcoin coming back into the spotlight.