Crypto Market Cap Declines Slightly as Bitcoin and Ethereum Face Consolidation and Potential Corrections

Since Wednesday's morning, the market capitalization of cryptocurrencies has decreased by 0.2%, but it has remained within the $1.16-1.20 trillion area since last Thursday. The Fear and Greed Index indicates that the market is still in a "Greed" state.

Consolidation and potential corrections for Bitcoin and Ethereum

Above a comparable consolidation in April, Bitcoin has been constrained in the $30.0-30.8K zone and has settled into an overall rally. Short-term targets in the $29.8K level (76.4% of the advance from mid-June) are suggested by the shorter-term picture, but a pullback to $28.9K (61.8%) is more possible. This shouldn't call into question the bullish trend, but it will encourage more buying.

Ethereum has corrected 4% from its 22 June peak to $1860 while trading in a corridor with a minor bearish tilt. Setting the foundation for a slide to the $1800–1810 region is the emergence of a corrective pullback at this point. Here, the focus is on a pivotal round level and the 61.8% line connecting the most recent surge to the 50-day moving average.