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Binance boss warns: Volatile times for Bitcoin and Ethereum are ahead!
Changpeng Zhao Warns of Market Volatility: Bitcoin and Ethereum Show Exhaustion. Corrections could be coming.
Binance boss warns: Volatile times for Bitcoin and Ethereum are ahead!
Changpeng Zhao, the founder of Binance, has reminded traders of the inevitable market volatility. In a recent statement, he highlights that declines are expected in the coming weeks and months, while Bitcoin and Ethereum are showing signs of exhaustion after a period of strong growth. Zhao stresses that it is important to prepare for short-term fluctuations as they could surprise overconfident investors while the long-term trend remains bullish. Bitcoin is currently trading between $109,000 and $110,000, which is close to the important 200-day moving average and therefore represents a crucial support level.
The market has also witnessed several failed attempts to stabilize above the $114,000 resistance level. These pullbacks suggest that Bitcoin is struggling to regain this level. If the price does not rebound soon, a decline to $106,000 or even $102,000 could be imminent. Zhao points to the RSI showing neutrality at 45, potentially signaling a return before Bitcoin enters an oversold condition.
Ethereum situation
Ethereum shows a comparable market development to Bitcoin. The price is currently just below $4,000 and has repeatedly rejected at the 100-day moving average. Despite these challenges, Ethereum is consolidating above a key support at $3,600. Zhao warns that a stronger correction to around $3,400-$3,200 is possible, especially in the context of the 200-day moving average. A reclaim of resistance at $4,200 could confirm fresh bullishness, but seems unlikely as Ethereum's RSI is at 43, implying additional bearish pressure.
Commenting on the current market situation, CZ emphasizes that corrections are necessary. These are necessary to reset leverage and shake out weak hands. Such a shakeout could set the stage for a sustained breakout to new heights. So investors should prepare for a continued transition in market structure while keeping an eye on fundamentally bullish trends.
Zhao's statements are part of a broader discussion within the crypto community about the health of the market and the steps necessary for future stability and growth prospects. It remains to be seen how the situation will develop in the coming days and weeks.
Further information can be found on the U.Today website.