In this context, it's very likely to continue its correction until demand increases. At the moment, comes primarily from shorts opening and closing, which is why we see some sharp rises that have no follow-up.
At this point, we're having some temporary support because the double-top target of 7.5k (which also is significant from prior price actions) has been reached briefly & ETH is seeking support at 200D + neckline.
When BTC loses 7.5k & ETH loses 580, we'll see a gigantic crash. Especially for ETH, whose target is IMHO at $270.
I see some people have mentioned the mining cost: The argument is that mining would be unprofitable & miners would all quit.
This is a flawed argument: If bitcoin is $1million / BTC , the cost will be ~$1m because new mining rigs will be introduced. If bitcoin is $1/BTC, the cost will be ~$1 because MOST miners will quit but some will continue. It's a competitive business. At equilibrium the profit would be 0, but of course in the real world with price movements we're not going to reach an equilibrium.
whales pump & dump
Bulls get burnt repeatedly & at lower levels they get weaker & weaker.
A quickly drop & accumulation at the bottom would've saved this market. Instead, repeated p&d on the way down enriches the whales but screws small investors. Bounces get weaker & bear market persists.
IMHO, we're still just between denial & fear. There's not enough capitulation for the bottom. 3k is a real possibility. Short-term plays are very dangerous --- like they say, day-trading is a poor man's game.