Bitcoin, Ethereum Price Prediction- BTC and ETH losing major supports as crypto market tumbled

Bitcoin, Ethereum price prediction: On November 8th, the crypto market witnessed a sudden bloodbath as the well-known crypto exchange FTX saw a massive sell-off. This event has undermined the market’s recovery sentiments in the last few weeks and plunged even the major cryptocurrencies to their 2022 lows.

As a result, the global crypto market plunged to $869.94 Billion and showed a 10.75% drop by 9:04 am EST Wednesday. Moreover, the total crypto market volume in the last 24 hours rose 94% to hit $230.29. The current volume in DeFi is $10.46 billion, making up for 4.54%% of total 24-hour volumes in the crypto market. 

Top Gainers and Losers

Source- Coin360

Among the top 100 cryptocurrencies, only the stablecoins are painted green, while all other cryptocurrencies are experiencing losses. Thus, the top losers are the FTX token and Solana, where the FTT price fell 72% to hit the $4.56 mark and the SOL price 32% to reach the $8.14 mark.

Bitcoin Price

Source- Coinmarketcap

The Bitcoin price is currently on a four-day losing streak, registering a loss of 18%. This sudden downfall in the crypto market is backed by the liquidity crisis and FUD surrounding the famous crypto exchange FTX.

Moreover, this sharp sell-off gave a massive breakdown from the multi-month support of $18400-$18200. This breakdown from Bitcoin’s 2022 bottom support threatens coin holders for extending downfall

Source- Tradingview

A daily candle below $18200 will intensify the bearish momentum and could plunge the prices to the $16500 mark.

Ethereum price

Source- Coinmarketcap

The Ethereum price experienced more losses than Bitcoin this week, accounting for a 27.3% fall. Moreover, as the selling pressure persisted, the prices breached monthly support of $1251.

However, the coin price currently trades at $1215 and shows a long tail rejection in the daily candle. This lower price rejection suggests the buyers are trying to their $1250 support.

Source- Tradingview

Thus, a daily candlestick closing below the aforementioned level is important, which may drive the prices 17.5% down to hit $1000 psychological mart.