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ETH Fights For $3K Level While Bitcoin Struggles Below $45k: Analysis

ETH fights for $3K again as it dropped by a similar percentage with Bitcoin as the number one cryptocurrency dropped below $45k as we can see more in our latest altcoin news today.

Both Bitcoin and Ethereum are down by a similar percentage in one day while LUNA, SOL, and ADA went on a tear with impressive gains. The past couple of days were challenging on the market as BTC dropped to a new low below $45K but some altcoins like ETH entered the red as well. SOL, ADA, and LUNA, however, marked substantial gains.

btcusd
BTCUSD. Source TradingView

The main cryptocurrency has a hard time getting out of the $44,000 range especially since it touched $48,000 a few days ago. Now it seems it is unable to break further higher. In a few hours, BTC dropped below $46,000 and lost another chunk of value as it dropped to $45,000. The bulls made a short recovery which resulted in retesting the $46,000 once again but the bears came to play again and pushed BTC to a new low of under $44,000 a few hours ago. BTC bounced off and reclaimed a few hundred dollars but it still stands below $45,000 with a market cap below $850 million and the dominance over the altcoins being below 44%.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Ethereum’s price movements resembled those of BTC over the past few days as ETH fights for $3K level reclaiming after dipping below this level recently. In contrast, Binance Coin, Ripple, Dogecoin, Polkadot, and others charted minor gains with Solana and Cardano leading the bull run. ADA surged 6% and now trades above $2.10, SOL increased by 5% and reclaimed $70. Terra also surged as a coin from the larger cap group, LUNA exploded by 30% in one day and 90% in one week. Avalanche is the best performer among the top 100 coins with a 43% increase to $33 and Audius increased 26%.

Cosmos surged as well by 21%, Fantom by 19%, Algorand by 12%, Arweave by 16% despite Bitcoin’s drop below $45,000. As recently reported, Ethereum and the number one cryptocurrency exchange flows show that these assets are being taken off the exchanges at an increasing rate which shows that only a few are ready to sell at the moment. Glassnode reports show that Bitcoin exchange flows returned to the dominance of outflows in August as investors started withdrawing the digital asset. It added that the market transitioned through a number of phases of flow dominance over the past year. The previous outflow dominance was seen in late 2020 before BTC surged from the ATH of $20K.

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Author: Stefan

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