Armand Sirignan
Ethereum and Bitcoin are not in the best condition as FUD runs rampant
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After a rough weekend in which Bitcoin fell to around $61,500 and Ethereum to $2,890, the story was mostly dark. However, this rapid increase FUD The situation among traders may not be as bad as you think.
There are lessons to be learned as markets begin to bounce back against people's doomsday predictions. When everyone is panicking and selling, that often sets the stage for a turnaround. This is where we are now. We are at a potential tipping point where pessimism has gone too far and could tip us over.
According to sentiment analysis, the market has a history of going against the fears of the crowd, so negative trends in the market can signal an upcoming rebound. We expect this trend to continue until the hype and excitement (FOMO) surrounding the halving event takes center stage again, as it did a few weeks ago.
On the price chart, Bitcoin and Ethereum have important levels to note. For Bitcoin, the resistance to beat is around $67,000. If we can outperform this, it could indicate a bigger recovery. Ethereum is facing resistance near $3,500 with support at $2,700. A break above support and resistance could signal a more sustained rally.
Although current sentiment is low, history shows that such extreme sentiment can precede a market recovery. From fear to greed and back again, swings in the collective mood of investors are part of the crypto industry.
Just as panic spreads quickly, recovery often begins when you least expect it. Pay attention to those important price levels.
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Armand Sirignan
