The whole crypto market is bearish with only a handful of tokens doing fine.
While DEX tokens like GMX perform well and show that the crypto industry has some good performers despite the last two weeks, other assets have been consistently losing value with every single upward movement countered by a dramatic price correction.
Day traders working with crypto have been experiencing quite a rollercoaster for a week or two. Ethereum was gaining 5% to losing 6% the next morning. Now, the price is heading up.
1.6% growth is a good sign despite potential price corrections
Experts are talking about potential rallies behind ETH and BTC.
The effect of the FTX debacle is going away and the market has reserved strength to recover and market conditions are favorable. While predicting such short-term movements is close to impossible, the reduction of daily average trading volumes indicates that people are tired of the bearish market.
The 14-hour cycle is seemingly broken and ETH has been trading in the green for a couple of days now showing some vigor and readiness to break through the $1,250 resistance level that would be a good foundation for the next move to establish a new support level at $1,250 — $1,260 until the end of the week.
For the whole crypto industry, the question of proving its worth is quite important.
However, the answer is not in monstrous short-term gain, but in the ability to stabilize and find equilibrium points during periods of uncertainty. Ethereum shows that it can do exactly that — try to stay stable and relevant despite the current atmosphere of pessimism in the financial world.
Have faith in large coins!
Bitcoin and Ethereum are two juggernauts of the crypto world and they cannot fall. Both networks are simply too big and too influential to succumb to pressure from a couple of failing businesses.
The FTX debacle may sound like something catastrophic, but it resulted in pennies compared to what huge investment banks regularly do to their customers, yet the banking industry is here and not going anywhere.