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Midweek mayhem: Assessing whether Cardano, Ethereum’s collapse is surprising
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As Bitcoin slipped on the charts, it took the entire cavalry along with it. From a technical standpoint, BTC can be expected to consolidate over the next couple of weeks as altcoins supposedly take charge. However, the narrative flips fast in the crypto-industry.
In line with these corrections, we can take a look at Ethereum and Cardano to identify if the crashes were actually surprising or possibly expected.
Source: Trading View
The market turnaround was definitely a surprise for Ethereum. Before the 9.4% drop on the charts, ETH recovered earlier in the day to record a position above the resistance of $4,238. However, the crypto-asset was unable to consolidate long as a cascade of possible liquidations led to an enormous drop-down under
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