Altcoins lose as Ethereum falls below $3,500 📉Filecoin drops 11% despite recent AI announcement

11:58 AM 18 June 2024

After Bitcoin touched the monthly lows near $65,000 some altcoin investors panicked selling smaller cryptocurrencies. Also, the second biggest cryptocurrency, Ethereum, dropped below the psychological support zone near $3,500 and is losing more than 2.5% today. In effect, we can see double-digit declines today with Eos, Chilliz, Fantom and Filecoin dropping the most from top100 projects. We can see strengthening US dollar today below key data from US retails sales (12:30 PM GMT) and manufacturing (13:15 PM GMT) so we can expect higher crypto volatility before the US market open. US 10-year treasury yields are close to 4.3% again. Since the previous week, we are also seeing US spot Bitcoin ETFs net outflows, which are now the biggest since March 2024 and failed to fuel the rally to new all-time highs.

Ethereum (D1 interval)

Ethereum showed some buying spree after falling below SMA100 (black line) and SMA50 (yellow line) but overall sentiment is now bearish. Major support level, from the SMA200 level, is now set near $3000 zone.

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Source: xStation5

Filecoin announced the integration with CryptoEternalAI startup, enhancing capabilities of decentralized AI through its decentralized storage solutions. Despite the AI announcement, Filecoin didn't note even speculative, upside reaction and the price is falling ahead to AMA with the FILLiquid, scheduled for June 19th at 12 PM GMT.

Filecoin (D1 interval)

Filecoin drops to the lowest level since December 2023. The biggest, long term resistance zone is now located close to $6.4 level, where we can see SMA200 (red line). The RSI shows oversold conditions with reading below 30 points.

Source: xStation5

Bitcoin (D1 interval)

Bitcoin still holds the major trend line, and reacted with some upside, bouncing up from $64,500. Dropping below this level may lead to $60,000 zone retest, especially if on-chain support at $63,500 (short term holder's realized price) will be not enough.

Source: xStation5

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