If you are actively following our DC Forecasts crypto news site, you probably know that we are seeing one of the most bearish markets of all time, with Bitcoin, Bitcoin Cash and Ethereum being in the focus of every news story because of their free fall motion.
After dropping to a yearly low of $82, Ethereum (ETH) managed to regain its traction and experienced a short-term corrective rally that pushed the price to the current one of $92.54. Prior to the price drop, one analyst with the alias “The Crypto Dog” said that Ethereum demonstrated a sign of a bottom and it could recover to a resistance level.
As he noted:
“ETH double bottomed on the 30 minute chart while BTC made a new low. First sign of a bottom on the ratio. “It smashed right through that resistance. At the next resistance now and it’s going to take a lot more firepower to break .028. Very impressive display, awesome volume. I would love to see this test $100-102 today.”
However, another trader stated that a drop to the $85 support level and eventually to $50 is still possible, especially if ETH fails to sustain its volume.
“I’ve seen people targeting insane low targets for ETH but before going to $4, you do realize that there are supports to be broken, right? $85 still valid as a support and $50 is another option lower. It’s like December 2017 euphoria but reverse right now,” the trader confidently said.
Currently, it is very difficult to forecast the price trend of ETH because it is among the most volatile cryptocurrencies in the market, alongside Bitcoin Cash (BCH) and ERC20 tokens.
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