The price of Bitcoin is starting to move towards the feared scenario. The important support level was lost a few hours ago, triggering greater losses in altcoins for cryptocurrency investors. The same happened today. So, what are the predictions of experts regarding Ethereum (ETH)? Will the price decline continue?
Ethereum (ETH) Expert Predictions
Even the analysts did not seem confident in the current foggy atmosphere. In fact, despite the decline in DXY and oil, thousands of BTC seem to be moving to the stock market for sale. This situation may reflect expectations that geopolitical problems will deepen in the near future.
CryptoTony_ is firmly in a downtrend. However, he does not believe that the rising support line will be of much importance. The popular analyst had also mentioned that losses could deepen for BTC. The price, which fell below the $26,800 support initially, is currently supporting it.
According to the analyst, the ETH price will drop below the decreasing parallel channel after a short-lived bounce. When the trend line reaches $1,400, he predicts an upward movement.
Analysts’ Comments on ETH
TheCryptoCactus, on the other hand, expects the ETH price to bottom out between $1,100 and $1,200 if the mentioned trend line is lost. This sharp decline could be worrying for the rest of the altcoins as most of them are trading near or below their ATL levels.
Unlike the previous two analysts, renowned crypto commentator IncomeSharks is confident in an upward trend. He believes that a bounce from the support line will take the price to the $1,900 resistance area. This level was last rejected in July.
The weekly chart indicates a decline for ETH. The RSI confirms the downtrend. In August, the RSI dropped below the neutral zone and last week confirmed the trend line as resistance. Accordingly, we can see that the king of altcoins dropped to the $1,300 support line with a 20% loss.
Despite all the negativity, if BTC reclaims the $27,200 support and targets the $28,000 resistance, things could turn around. Seeing strength above the support on the weekly chart for ETH and RSI recovery could enable the price to target $1,950.
In summary, BTC determines the direction of the market and expectations for ETH are generally not optimistic.
