The price of the market’s top cryptocurrency has dropped to $3,463. The last time it cost so little was in mid-December 2018, when it was trading at a record low of $3,200. XRP fell by 5% in the last 24 hours, ETH by 6.7%, total capitalization fell by 5% from $119 billion to $113 billion.

The market started the new week with a decline, and there are no technical prerequisites for growth at the moment. Moving averages are above the price, MACD indicator is within the selling area. As of this writing, the price has not yet found a support level and is pursuing the testing of the yearly LOW at $3,462.

ЕМА50 and ЕМА100 will restrain growth at $6,307 – $ 3,631 levels, respectively. The testing the yearly low and decrease to $3,400 remains a more likely strategy. We wrote about this scenario on a number of occasions. The decline can be used to get a set of long positions.

Cryptocurrency Market Overview [January 28]: the week starts with a fall

Four-hour chart

Technically, within 4 hours, as well as on the 4-hour timeframe, the decline is more likely and is to be expected. Moving averages are above the price. MACD indicator remains in the negative area without any signs of reversal. The fist resistance on the way up will be ЕМА50 at $3,634. Support can be found at $3,462.

Cryptocurrency Market Overview [January 28]: the week starts with a fall

Four-hour chart

Technically, within 4 hours, as well as on the 4-hour timeframe, the decline is more likely and is to be expected. Moving averages are above the price. MACD indicator remains in the negative area without any signs of reversal. The fist resistance on the way up will be ЕМА50 at $3,634. Support can be found at $3,462.

Cryptocurrency Market Overview [January 28]: the week starts with a fall

One of the reasons for the fall could be the hacking the LocalBitcoins platform. It suffered a phishing attack, as the result of which at least 6 users lost their money. In total, 7.95205862 BTC was stolen from them (about $ 28,000).

We would advise you to refrain from active trading today, as the technical pattern indicates a decline, and opening a transaction against the current trend means a losing strategy.

Have a great week and make a profit!