May 17th Technical Analysis: Bitcoin & Ethereum

Bitcoin drops further, Ethereum traders remains bullish despite fall

It was a bad weekend for cryptocurrency traders around the globe. Almost all prominent cryptocurrencies including Bitcoin fell sharply, While all prominent cryptocurrencies have fallen over the weekend, some are expected to bounce back in the long term.

One of the reasons why Bitcoin’s value declined further was a cryptic reply to a tweet by Tesla founder Elon Musk and also the fact that US cryptocurrency exchange Binance is facing a probe for facilitating illegal Bitcoin trades.

Another popular cryptocurrency, Ethereum (ETH), also fell over the weekend. However, Ethereum traders remain bullish for the long term despite the fall.

Andrew Moss, Managing Director of GSR Capital, told Forbes that there was relentless spot bid in ETH for several weeks, but open interest has only recently started to track with the increase in price, meaning there are less over-levered positions, relative to what you’d expect after such a strong rally.

Moss added that the “dynamic is similar to the price action” seen in December and January for Bitcoin.

While the value of most cryptocurrencies has fallen in what seems like a spillover effect, the sudden fall in prices offers a good opportunity to those interested in purchasing cryptocurrencies.

Here are the latest prices and trends of popular cryptocurrencies:

The prices have been updated as of 9:45 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.

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