For now, bitcoin appears to be oversold, and was down about 2% over the past 24 hours.
Ether, the world’s second-largest cryptocurrency by market capitalization, briefly touched $4,000 on Thursday after several weeks of choppy trading.
ETH has support around its 100-day moving average on the daily chart is also the most oversold since late September, which preceded a price rally.
Sector classifications are provided via the Digital Asset Classification Standard , developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.