New trading week starts with Ethereum down by 6% and Bitcoin down by 1.5%

The decline of the cryptocurrency market continues on Monday 28 May. The price of the Ethereum, the cryptocurrency of the blockchain network Etherium, fell by 6 percent per night, while other major digital currencies, such as Bitcoin, Ripple and Bitcoin cache, fell in the range of 1.5% - 6%.

Earlier today, with a break of support at $545 within one hour, the price of the Ethereum dropped from $540 to $500. Most likely, there was a so-called short-squeeze, the activation of stop orders concentrated under long-term support in the $530-$540 area.

The price of global cryptocurrency Bitcoin continued to decline in today's Asian trading. However, with the start of European trading, players bought the market up and returned it to $7256. Local lows at the beginning of the American session are located at $7146. It is noteworthy that Bitcoin was able to maintain some stability compared to other major cryptocurrencies, thanks to the technical conditions and the reselling factor. We wrote earlier that right from $7100 levels down to $6500 a strategic support zone begins. Historically the market bounced several times from these levels.

Based on the decline in the Ethereum and the high probability of further declines in Bitcoin and other major currencies, the likelihood that the total capitalization of the market will fall below $300 billion is very high. On Monday May 27, the capitalization of the entire digital market is at around $315 billion. Nevertheless, analysts are still optimistic about the potential market growth in the third quarter of 2018.

FortFS