Another collapse ...

Over the past few hours, the capitalization of the cryptocurrency market has declined by $ 9 billion. Some major assets, such as Ethereum and Bitcoin Cash, recorded a 15% fall against the US dollar.

The price of BTC fell to $ 3,750, returning to the levels of last week after a promising corrective rally on January 6, when the leading cryptocurrency rose from $ 3,753 to $ 4,090.

Ethereum and Bitcoin Cash are the least effective coins of the day.

Over the past two weeks, the price of Ethereum has almost doubled - from $ 85 to $ 160 on the eve of the planned hard fork of Constantinople, which should occur in the period from January 14 to 18.

Ethereum's trading volume rose sharply, as the second largest cryptocurrency trading activity jumped sharply on all major digital asset exchanges.

However, significant short-term jumps make assets vulnerable to significant short-term corrections, and over the past few hours, the price of ETH has dropped by 14.9% - from $ 154 to $ 131. This is one of the most significant one-day falls in the last 12 months.

Pressure on sales in the cryptocurrency market has increased, the bears began selling digital assets. Therefore, cryptocurrencies that showed decent growth during December and January, such as Ethereum, Bitcoin Cash and Litecoin, suffered more than others.

Already on January 7, some analysts, including Crypto Dog, noted that the technical indicators of ETH suggest a downward movement in the short term. On Monday, the trader said:

Maybe I just see what I want to see, but this chart screams to me "this is the last chance to short ETH" ... and, of course, I just think out loud, not trying to convince anyone to make deals. I wind up ETH for $ 156 and I feel pretty comfortable.
Although both leading crypto assets and small capitalization tokens showed signs of a short-term recovery in the last two months, some analysts assumed that without a breakdown above key resistance levels, it is difficult to speak about achieving the true bottom of the correction.

In late December, Mark Dow, a trader who made BTC short of his historic high of $ 19,500 to $ 3,500, said that if the leading cryptocurrency could not recover above $ 6,000 in the short term, the market would be in trouble.

The schedule is still beautiful. If the BTC cannot bounce at least to $ 5000 -6000 in the near future, this will be a very bad sign for cyber bulls. And if the BTC breaks through the yellow line, even the hlodlers will be forced to get out of here.
The overall market trend has not changed.
In essence, Dow assumed that the trend in the cryptocurrency market has not changed, and the crypto winter continues.

If cryptocurrencies continue to demonstrate a high level of volatility in the low price range, at least in the foreseeable future, a significant trend reversal is unlikely.