BTC and ETH fell 3%, the bottom is still in sight?

[Paha87]

Over the past 24 hours, bitcoin (BTC) and ether (ETH) prices have fallen, the crypto market has reduced capitalization by $ 4 billion. While major cryptocurrencies have struggled to show signs of potential correction, digital assets with small market capitalization and ERC20 tokens have fallen by an average of more than 10 percent.

How far is the bottom from current prices?

On December 11, the bitcoin price fell from $3 '587 at its peak to $3'370. From its daily peak, the dominant cryptocurrency has actually declined six percent.

One of the alarming signs of the short-term price trend of BTC is its low daily trading volume. A sudden sale or drop prices by 5-10% an asset has a tendency to increase the daily volume increasing volume sales. When the volume of the asset does not increase, but still falls in value, it suggests that the asset falls freely without high selling pressure and relatively small sell orders from bears in the market.

The ether price (ETH) is experiencing a similar trend as the asset price has fallen by about the same amount as BTC, along with a drop in daily trading volume. Over the past week, ETH trading volume fell from $2 billion to $1.6 billion, or nearly 20 percent.

If BTC is unable to break through the main resistance levels at $ 3'700 and $ 4'000, finding the bottom at the current price lows cannot be confirmed. As of Tuesday, BTC remains closed in a narrow price range of $ 3'000 to $ 3'500.

As for the short-term ETH trend, Edward Morra, a recognized crypto trader, has raised the likelihood that ETH will drop to $ 55, saying:

If the bulls lose this support and the minimum set at $ 83, then ETH [will] be almost in a vacuum until the next significant support is around $ 55-45. That is another 35% lower.

What happens to the tokens if ETH will fall another 35%?

According to ATHCoinIndex, most tokens have already fallen by almost 99 percent of their historical high, but still risk falling even lower against the us dollar.

Due to the increased pressure from the us securities and exchange Commission (SEC) and the decrease in public confidence in the ICO market, tokens may continue to lose their value, which may lead to the loss of some of them in the short term.

Link to the source of information (Russian) - https://altstake.io/news/btc-i-ethupali-na-3-dno-vse-esche-v-pole-zreniya