The Bitcoin slump has hit the entire market. From a tech point of view, it is expected to consolidate over the next few weeks as altcoins can gain the upper hand. But the plot took a dizzying turn.

Along with this fix, let’s take a look at Ethereum and Cardano to see if any unexpected crashes occur.

Ethereum and Cardano

Source: trade view

The market-wide crash was certainly a surprise for Ethereum. Before falling 9.4%, it rallied above the $ 4,238 resistance. However, Ether failed to consolidate as a series of liquidations resulted in a drop below $ 4,000.

Source: trade view

Cardano seemed less surprised. Since the 3rd week of September, ADA has been consolidating between the USD 2.3 and USD 2 price range. It has been hovering below the 20 moving average (MA-20) on the 1-day chart since October 10th. Many in the market expected the same thing to break soon.

However, ADA broke the support line and hit $ 1.81, falling 15.62%.

Excited, what else?

Source: CryptoQuant

24 hours before the decline, the estimated leverage of all exchanges for Ethereum hit the point of overheating. The same was noted in previous adaptations.

The aforementioned leverage was last seen on September 3rd when Ether fell 25% from $ 4,000 to $ 3,000.

Source: Skew

Additionally, ETH / BTC’s 6-month implied volatility also hit a 3-month high, suggesting that traders are getting more excited about ETH. More upward volatility was expected, but history has changed in the short term.

Cardano was more or less liquidated at $ 20 million, the largest since Sept. 7 with $ 55 million in liquidation.

Can you recover quickly?

Cardano could come under pressure as it lacks momentum for the month while Ethereum is likely to rebound immediately and regain its position above $ 4,200 soon.

However, it is important to analyze the buying pressure over the next 48 hours. So until then, it’s safer to stay calm and avoid FOMO investments.

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