Bitcoin Price Clings Onto $40,000 And Ethereum (ETH) Price Slides 2.5% As Binance Lists MANTA Network
The post-ETF sell-off in the crypto markets continues as the Bitcoin price keeps on making lower lows. After sinking to the fresh weekly low of $40,650 on Thursday, BTC price is trading just above $41,000 on Friday morning.
Consequently, Ethereum price also tumbled and ETH is down 2.5% in the past 24 hrs. The negative price action of BTC and ETH can be correlated to the rising dominance of USDT, which was up 3.3% on Thursday.
The biggest cryptocurrency by almost all metrics is on track to close the second consecutive week in the red after a brutal rejection from the $48,000 level last week. While many investors are taking the opportunity to load their wallets with cheap BTC, many analysts are pointing toward more downside before a significant recovery.
MANTA Airdrop And Binance Listing
The much anticipated MANTA crypto finally launched yesterday as the native asset of Manta Network ecosystem. The coin has also been listed on Binance which is the biggest crypto exchange in the world.
The project has also announced an airdrop for its community. However, most of the early adopters doesn’t seem to be happy with their allocations. Thousands of users were using the Manta blockchain in expectation of a big airdrop. However, many met with disappointment as the token went live on exchanges. At the time of writing, the MANTA price is trading at $2.13.
Bitcoin (BTC) Price Outlook
After a bounce from the demand zone, which lies around $40,500, Bitcoin price is consolidating around $41,000. The bullish divergences on the 4H RSI and MFI indicators suggest that a short-term bottom is very near. However, there is still a chance for the price to retesti the $38,000-$40,000 zone for liquidity hunt.
A daily closure below $40,500 will break the bullish structure on the daily timeframe. Nevertheless, the high timeframe outlook remains bullish.
Ethereum (ETH) Price Drops Below $2,500
Due to a strong sell-off in BTC, the ETH/USD price also fell below the key psychological level of $2,500. However, the ETH/BTC pair still closed the day with 1.06% gains which showed that Ethereum price remained resilient against Bitcoin.
So far, the $2,458 support level is holding but this may change if BTC drops below $40,000. Bulls need to clear the supply above $2,591 to aim for a bigger move toward $3,000. Until then, there will always be a possibility of a deeper correction till $2,458.
