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29 September 2023
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Cryptocurrency Market Update: Ethereum gives up $400 mark amid fresh selling-wave

  • Selling-wave creeps back across the crypto space on Saturday.
  • Ethereum fares better among the top 3 favorite crypto coins.
  • Bears look to extend control after Friday’s shallow recovery.

Top 3 coins’ price overview

  • Bitcoin (BTC/USD) sees aggressive selling following a rejection just below the $11,600 mark. The no.1 crypto coin lost over $100 in a matter of an hour after the price charted a rising wedge breakdown on the hourly sticks. Any recovery after the sharp drop is likely to be short-lived, as the technical indicators have turned bearish. BTC/USD was last seen trading near $11,470, enjoying a market capitalization of $212.57 billion. Bitcoin is set to end the week little changed.
  • Ethereum (ETH/USD), the No. 2 most traded crypto coin, with a current market capitalization of $44.96 billion, is consolidating the fresh leg down below the $400 level. Despite the recent weakness, the spot remains on track for the second straight daily rise. Ethereum, therefore, outperforms its peers, Bitcoin and Ripple while gaining nearly 0.80% on a daily basis to trade around $398, at the time of writing.   
  • Ripple (XRP/USD) pares back gains to trade around $0.2740 region this Saturday, having failed to sustain at higher levels. The No. 3 coin came under fresh selling pressure, tracking the sell-off seen across the crypto board. The digital asset is likely to remain supported so long as it holds above the 21-SMA on the hourly chart at 0.2717. Ripple is expected to be the worst performer amongst the top 3 crypto coins on a weekly basis.
  •  News source

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