The crypto market heatmap clearly presents the picture of the crash

The market has been facing high volatility with the massive trend shifts

The crypto market heatmap vividly presents the picture of the crash, including the decline in the Ethereum price. The market has been facing high volatility with the massive trend shifts among investors and mixed sentiments. The US-China deal recently catered to the uptrend in digital assets, but that has changed today. Let’s discuss why the ETH price is down today.

With a highly bullish uptrend, ETH price surged to $2.7k under the influence of the US-China trade deal and US CPI data. However, the trends have reversed today, resulting in the 2.3% crash in the Ethereum price, currently trading at $2.5k, with a market capitalization of $309.21B.

The prime reason behind this drop is the decline in the Bitcoin price, the biggest cryptocurrency on the market. As the BTC plummetered to $102k instead of a new high, as anticipated by experts, the broader crypto market is struggling.

More importantly, further Bitcoin price crash odds are building, as $3.1B in BTC & ETH options will expire on May 16. Additionally, a top is forming on the S&P 500. As a result, it may begin to move downward, pushing BTC in the same trajectory.

Options Expiry Alert

Tomorrow 08:00 UTC: Over $3.1B in BTC & ETH options expire on Deribit.

$BTC: $2.66B notional | Put/Call: 0.99 | Max Pain: $100K

$ETH: $525M notional | Put/Call: 1.24 | Max Pain: $2,200

BTC skew is neutral, ETH puts slightly outweigh calls. Price behaviour will be interesting to watch.

. @Glassnode

The potential for a Bitcoin price pullback is a topic of much discussion among crypto traders and analysts. As the leading cryptocurrency trades at elevated levels, some technical indicators suggest that a correction could be in order.

After the recent rally in the BTC price, it now seems that the S&P 500 top is forming, which may begin to move downward, pushing BTC in the same trajectory.

The apex crypto is currently changing hands at $102,100, a far cry from the new highs that experts predicted. The cryptocurrency market may be struggling today due to several factors, including the upcoming expiration of $3.1 billion in BTC and ETH options on Monday, May 16.

The Deribit exchange data shows that the options open interest is now at a 10-week low of $10 billion. Moreover, the market has been shifting toward more complex products, such as structured and crypto-linked notes, in anticipation of the upcoming batch of options expiry.

The technical analysis suggests that there is potential for a deeper pullback if the RSI shows bearish divergence. In this case, ETH might collapse to $1,872 – $2,069, which is the bullish weekly breaker zone.

However, instead of concluding its crash, the experts’ Ethereum price prediction calls it an opportunity to buy before it jumps to $4000 and higher. Investors must await bearish signal confirmation, that is, a dip below $1,872. Additional caution is important if it moves down to the $1,700 mark, as ETH could crash to $1,385.

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