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Bitcoin, Ethereum, Dogecoin Prices Continue to Drop

Looking at the BTCUSD chart on the daily time frame, we see that the price has made a bearish gap. After a few days of consolidation today, we again have increased bearish pressure on the price of Bitcoin. The price dropped to the current $ 41,900, testing the 50.0% Fibonacci level to $ 41,485. Now we are heading towards the bearish side again. It is soon possible to re-test the previous low at $ 40,000 from last week.

A break below that low brings us to the next support zone at 61.8% Fibonacci level at $ 38,685. For the bullish scenario, we need a new positive consolidation that will raise the price above 38.2% of Fibonacci levels to $ 44,285. The next higher resistance awaits us in the moving average zone of $ 45,000- $ 47,000. To return to a stronger bullish trend, we need a stronger break above that large resistance zone.

Ethereum chart analysis

Looking at the chart on ETHUSD on the daily time frame, we see that the price has again taken a step backward. Additionally, it dropped below $ 3000 to the current $ 2900. Bearish pressure is still evident. It is very likely that we will see a further price drop below on a new test of the 200-day moving average to $ 2600. A break below this support zone leads the price to a higher withdrawal and the probability of visiting the psychological level at $ 2,000.

For the bullish trend, we need a positive consolidation that will direct the price towards the 20-day, 50-day moving average and the upper resistance line in the $ 3200-3400 zone. Break above the upper resistance line opens the possibility for us to visit the previous high at $ 3600.

Dogecoin chart analysis

Looking at the Dogecoin chart on the daily time frame, we see that the price is under a lot of pressure at 0.20000. It is very likely that we will see a further lowering of the price to lower levels on the chart towards 0.18000, and for now, we can expect a maximum drop to 0.16000. For the bullish trend, we need a positive consolidation that will direct the price towards the previous high to 0.23000; an important sign for further price growth is a break above the 20-day moving average.

We are generally in a downward channel, and just a break above the upper resistance line will give us stronger security to return to the bullish trend.

Market Overview

Sparkpool, one of the world’s largest mining pools Ethereum, is closing its store due to a Chinese move to ban crypto assets under its jurisdiction.

On Monday, September 27, China’s Sparkpool, the world’s second-largest mining pool Ethereum, announced that it had stopped offering services to new customers in China since September 24. Moreover, it plans to completely suspend services to all its existing customers in China and abroad since Thursday, September 30.

Hangzhou-based Sparkpool said the move aims to protect the security of consumer assets in response to regulatory policy requirements announced last Friday by the National Bank of China, which effectively banned cryptocurrencies.

China stepped up measures to combat cryptocurrencies and cryptocurrencies last Friday, declaring all activities related to cryptocurrencies illegal.

The Communist Party’s central bank also influences companies outside the country. It advises foreign stock exchanges not to offer cryptocurrency services or conduct digital transactions with the Chinese people. They also said it would work with domestic agencies to conduct comprehensive monitoring.

A Wrap

Sparkpool was launched in 2018 and eventually became one of the world’s largest ether mining pools. It is the second-largest miner in terms of hashrate online, behind Ethermine, the world’s largest mining pool Ethereum.

Other companies also followed SparkPool’s move. On Sunday, September 26, the world’s two largest bitcoin exchanges stopped accepting users from China after the PBOC renewed the ban on cryptocurrencies. Huobi announced last week that it would stop serving existing customers in China by the end of this year. Binance has also blocked new account registrations by mainland customers.

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