By Cryptocurrencies suffered another dip on Thursday as Bitcoin revisited the $110,000 vicinity after losing $112,000 barrier.
Altcoins have taken a hit as most ruin their optimistic price structures with sudden double-digit declines.
Ethereum is fragile after losing $4K
The second-largest crypto by value is underperforming.
Ethereum plunged below $4,000 today after holding above the psychological market since early August.
It trades at $3,964, down by over 4% on the daily chart, with emerging worrying signs hinting at further price declines.
ETH displays weakness in key metrics. Liquidity stats and technical indicators suggest that bears could thrive in the near term.
The liquidity heatmap reveals an unsettling situation, with substantial buy liquidity concentrated in the $3,800 – $3,500 range.
This area can act as a magnet, dragging ETH prices lower.
To make things worse, Ethereum seems to have broken out of its consolidation phase.
A confirmation could mean significant selling pressure.
Also, institutional exit signals more pain for the top altcoin.
Blockchain data shows BlackRock offloaded Ethereum worth approximately $25.6 million today.
BlackRock has sold $25,600,000 in $ETH today. Institutions want lower entry into Ethereum.
ASTER’s momentum cools with a sharp dip
ASTER has been on steroids lately as perp DEX platforms stayed in the spotlight.
The altcoin gained more than 2,000% this week, fueled by Changpeng Zhao’s endorsement.
The faster they rise, the harder they fall.
ASTER experienced a swift decline from $2.41 intraday peak to $1.9, down over 16% on their 24-hour timeframe.
The alt trades at $1.95 as bulls target reclamation of the $2 psychological level.
Nonetheless, ASTER boasts a massive potential, considering the unique niche it looks to capture.
The next-gen Aster DEX offers a one-stop venue for global traders interested in Perpetual and Spot trading.
It has seen a swift growth to surpass $3 billion, and experts believe it will dethrone Hyperliquid, which boasts $14 billion market capitalization.
That means a robust room for growth for the decentralized exchange and its native token.
Hemi loses 25%
The Ethereum and Bitcoin-powered HEMI Network dominated trends this week as crypto exchanges listed the L2 platform.
Bullish sentiments saw its native token extending monthly gains to over 900%.
HEMI trades at $0.1384 after losing over 25% in the past 24 hours.
While overall market decline contributed to the alt’s dip, profit-taking and emerging concerns about Hemi Network’s structure added fuel to the fire.
With massive allocations reserved for the foundation and investors and 25% set for the team, many fear staggering token unlocks that could trigger overwhelming selling pressures in the coming times.
What’s next for altcoins?
Nevertheless, the current drawdowns testify to the fact that September is a bearish month for digital assets, with negative returns since 2013.
Popular analyst Michael van de Poppe highlighted that altcoins have corrected “as they always do in this time of the year.
He believes the current downturn is an accumulation opportunity before 3-5x rallies.
It is not the end of the bull market; it’s the start of the bull market, and recent listings have shown proof of this.
It’s near the bottom on #Altcoins & $ETH. What’s next? $ETH at $10K #Altcoins to go 3-5x It’s not the end of the bull market, it’s the start of the bull market and recent listings have shown proof of this.
Cryptocurrencies perform well in October, and bullish narratives like two more rate cuts in 2025 set the stage for a Q4 bull run.
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