Bitcoin 

BTC

$20,728

 and Ether 

ETH

$1,534

 have both witnessed aggressive profit-booking after hitting their respective new all-time high. This suggests that traders who had bought on rumors of a Bitcoin exchange-traded fund booked profits following the successful launch of the ProShares’ Bitcoin Strategy exchange-traded fund (ETF) (BITO).

The bulls tried to stage a recovery in Bitcoin after the launch of the second BTC futures-linked ETF by digital asset manager Valkyrie on Oct. 22 but met with strong selling pressure at higher levels. The selling has pulled the greed level on the Crypto Fear and Greed Index from 84 on Oct. 21 to 75 on Oct. 22.

JPMorgan Chase strategists said in a note that BITO was “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin” and the hype in the product may wane after a week. The strategists pointed out that capital was shifting away from gold ETFs into Bitcoin funds since September and that “supports a bullish outlook for Bitcoin into year-end.”

Could Bitcoin and Ether witness a deep correction and what are the critical support levels to watch out for? Let’s study the charts of the top 10 cryptocurrencies to find out.