Bitcoin and Ethereum: Is this the end?

• As if everyone has given up on bitcoin, the chart shows no signs of potential recovery.
• The price of Ethereum is in a similar situation, and it still resists above $ 1,000.
• Billionaire Elon Musk has been sued for a staggering $ 258 billion in damages for “involvement in a crypto pyramid scheme” involving Dogecoin.

Bitcoin chart analysis

As if everyone has given up on bitcoin, the chart shows no signs of potential recovery. For the fourth day, the price is in the range of $ 20,000-23,000. If we follow the MA20 and MA50, we see that the price is still under a lot of pressure. Today we are moving between $ 20,000 and $ 21,500, which increases the pressure on the lower support zone, and we could see a potential break below. Lower targets and possible support levels are $ 19,500, $ 19,000 and $ 18,000. We need a positive consolidation of up to the $ 23,000 resistance zone for the bullish option. Then we need a break above for a potential further continuation towards $ 25,000.

Ethereum chart analysis

The price of Ethereum is in a similar situation, and it still resists above $ 1,000. The pressure on the price is still great, and the chances of seeing a break below $ 1000 are increasing. We need positive consolidation above $ 1100 and MA20 and MA50 moving averages for the bullish option. Then the price would have room to climb to the $ 1,200 level. If it stays at that level, it could advance further towards $ 1,300. Above $ 1,300, the picture is changing to the bullish side because by then, we would have formed good support on the chart to continue the recovery of Ethereum’s price.

Market overview

Lawsuit against Elon Musk

Billionaire Elon Musk has been sued for a staggering $ 258 billion in damages for “involvement in a crypto pyramid scheme” involving Dogecoin.

The damage claimed is more than 34 times the current market capitalization of Dogecoin of $ 7.5 billion and almost three times the market capitalization of ATH of $ 88.68 billion in mid-2021.

Filed in New York District Court by lawyer Evan Spencer on Thursday, the group lawsuit alleges that Musk “used his pedestal as the richest man in the world to manage and manipulate the Dogecoin pyramid scheme for profit, exposure and entertainment.”

Prosecutor Keith Johnson alleges that Musk and his corporations were unjustly enriched by $ 86 billion as a result of chain fraud, gambling companies, false advertising, deceptive practices and other illegal behavior.

Johnson claims he and others lost about $ 86 billion in a class-action lawsuit between May 2021 and June 2022 and claims that figure in monetary compensation along with another $ 172 billion in damages and compensation.