Ethereum and Bitcoin: Dramatic drop

• Bitcoin yesterday had another drastic drop from $ 31,900 to $ 29,330.
• Ethereum also fell yesterday, forming a June low of 1760 dollars.
• Bitcoin and Ethereum miners saw a sharp drop in revenue during May as prices of both cryptocurrencies dropped to new local lows.

Bitcoin chart analysis

Bitcoin yesterday had another drastic drop from $ 31,900 to $ 29,330. The price soon consolidated and withdrew to $ 30,000. For now, we can expect the price to continue recovering to the $ 31,000 resistance zone and another attempt to break above. Otherwise, if bitcoin fails to stay above the $ 30,000 price, we will see a new pullback in the lower support zone at $ 29,000. The price could continue to fall with increased bearish pressure and maybe test last month’s low at $ 28,000.

Ethereum chart analysis

Ethereum also fell yesterday, forming a June low of 1760 dollars. The price has recovered slightly to $ 1840 today. Again, we see weaknesses and instability on the chart, and Ethereum is retreating below $ 1800 again. For the bearish option, we need to continue the negative consolidation and re-test yesterday’s low at $ 1760. If the level gives us no support, we can expect a further drop in price to $ 1,700, our May low. For the bullish option, we need positive consolidation and a return of up to $ 1,900. The break above could be a new positive step toward a potential recovery towards the $ 2,000 level.

Market overview

Bitcoin and Ethereum miners saw a sharp drop in revenue during May as prices of both cryptocurrencies dropped to new local lows. May proved to be one of the poorest months for Bitcoin miners in 2022. According to Be Crypto research, BTC miners generated approximately $ 906.19 million in revenue during the fifth month of the year. For May, bitcoin miners’ income fell by 253.81 million dollars compared to the value from April 2022 of about 1.16 billion dollars.

Bitcoin’s total profitability in the past year had fallen by 37% since May 2021, when revenue of $ 1.45 billion was recorded.

Like Bitcoin, Ethereum’s revenue fell 27% from April. In April 2022, Ethereum’s mining generated total revenue of $ 1.39 billion. Ethereum mining also recorded a monthly decline from the previous year in May. In May 2021, a revenue of approximately $ 2.4 billion was generated, while the 2022 figure fell by 57%.