The fact that the bitcoin price could not rise and remained within a certain range increased the uncertainty in the market, so Ethereum could retest $ 300 with a short-term drop.
The cryptocurrency world has been in an uncertainty lately, and this uncertainty is also observed in the Ethereum (ETH) charts. Ethereum follows the price movement of Bitcoin, perhaps slightly more than other cryptocurrencies, and the leading coin then entered a “consolidation” period. But Ethereum could drop to $ 300 before holding on to a support during this consolidation phase.
Although Ethereum has continued its path with a loss of 1.6% in the last 7 days, it has increased by 1% in the last 24 hours. ETH is currently bought and sold for $ 351 waters. Ethereum, which has been trading in the $ 350 band for the past few days, seems to be stuck here for a while.
Analyst: Ethereum May Decline to $ 300 From Uncertainty
An analyst known as Cactus on Twitter and has 17,000 followers believes that the ETH front may show a short-term weakness, although he thinks it is strong in the long term. According to the analyst, ETH said it was “quite possible” that it could test $ 300 before holding onto some critical technical support levels.
Cactus said in its statements that Ethereum could also be affected by this, diving towards $ 300, while the market was very uncertain. Continuing his statements, noting that things are on track for ETH in the long run, the analyst noted that the HTF structure looks great and there is a lot of support in the EMA waters.
The Crucial Condition, Bitcoin Rise
Bitcoin could not overcome the $ 11,000 resistance in the light of the negativities it experienced last week. The BTC price, which has been stuck in the range of 10 thousand 500 – 10 thousand 700 dollars for a long time, is now at the level of 10,680 dollars. With the BitMEX case and Trump’s coronavirus news, although the Bitcoin price did not crash at the expected rate, there was a slight withdrawal that would alarm the investor. But BTC was able to stay above the $ 10K psychological support level by staying intact.
This stable outlook and uncertainty in the market with the bitcoin price squeeze has spread widely. The fate of Ethereum and other altcoins is mostly in Bitcoin’s hands. If Bitcoin escapes this compression and catches an uptrend; Only then can Ethereum and other altcoins be bullish and this uncertain outlook that worries the investor can be broken.