Wednesday was the worst day ever for cryptocurrencies as they crashed lower unexpectedly, losing between 50% and 75% of their value. BITCOIN fell to $30,000, while ETHEREUM declined from $4,360s to below $2,000.

This crash was even bigger that the retreat in early 2018, following the 2017 surge. Moving averages which used to provide resistance when cryptos were bullish, were broken without much of a fight and now they have turned into resistance it seems.

Ethereum Forecast and Live Chart

ETH/USD made quite a comeback yesterday, increasing more than $1,000 as it approached the $3,000 level. But, today we are not seeing a follow-through and it seems like the 20 SMA (gray) and the 200 SMA (purple) above are scaring buyers away.

The 100 daily SMA is acting as resistance for Dash now

Dash on the other hand used to trade just below $500 two weeks ago, but it fell to $120s yesterday. That means losing 2/3rds of the value. The decline stopped and yesterday we saw a $100 climb higher. But, the climb stopped right at the 100 SMA (green) for DASH/USD on the daily chart and today the price is pulling back down.

So, the reversal was promising yesterday but we are not seeing a follow-through today and moving averages are still holding above as resistance for most cryptos. This means that the bullish trend hasn’t resumed yet. The trend will be considered bullish only when the price breaks above the moving averages, so there will be pain for buyers until then.