Fintech
Selling started for Bitcoin, while Ethereum seems to be ready to mark lows below BTC
It seems that a serious conflict between bulls and bears has surrounded the cryptocurrency sector, due to which the prices of many cryptocurrencies are stuck within a range. While the BTC price fell more than 15%, Ethereum price fell more than 30%. For this reason, many now believe that the price of ETH could find new lows much earlier than the stellar cryptocurrency, as the correction seems to be more evident on this token.
Normally, short-term price actions are bullish or bearish, but long-term cryptocurrencies are generally bullish. Minor price changes in the STF do not affect HTF trading. However, the monthly charts of Bitcoin and Ethereum have slipped into a bearish trend and hence, market participants need to be ready for the worst-case scenario as well.
The price of Ethereum it lost the crucial support of $3,000 a couple of days ago, and its failure to recover levels could validate the start of a new bearish period. On the other hand, the token fell more than that of the Star cryptocurrency and the April close for BTC was within the March low, while ETH’s close was much lower in comparison. Therefore, this close confirmed the next imminent bearish move!
As suggested in the chart above, ETH price is closely following the BTC price rally, but suffers a prolonged loss. Bitcoin’s trading set has gotten worse right now, but Ethereum is doing even worse as the correction phase is more advanced in this pair. The price of ETH is falling at a faster pace than that of Bitcoin. Therefore, if the BTC price falls below $60,000, as predicted in our previous composition, the ETH price could experience an extreme loss, with the bottom extending even below $2,000 or $1,800.
Bitcoin, Ethereum and all global financial markets are all interconnected and a change in price tends to influence them. Therefore, the current trading setup indicates that Ethereum price is likely to bottom before Bitcoin. But after hitting lows around $2,000, the price of ETH is ready to rise above $6,000 and find new highs in 2025.
Also check: Bitcoin Bulls Try to Regain Momentum, But Is Now the Time to Hurry Up and Accumulate Bitcoin?