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We have been experiencing shocking drops in the Bitcoin and cryptocurrency world for a while. Investors are really upset. While Bitcoin continues its range-bound movement after the halving, each drop inevitably crushes altcoin investors. In such situations, people look for hopeful comments. Analyst Jelle explained the drop in Ethereum using the Bitcoin example. Let’s look at the details.
Analyst Explained Ethereum’s Drop Using Bitcoin
We occasionally present the comments of cryptocurrency analyst Jelle. The famous analyst, known for his good market readings, made statements regarding Ethereum’s drop. As is known, Ethereum experienced a drop similar to Bitcoin, the flagship of cryptocurrencies today. The drop was so deep that ETH spiked to $2,810 on the Binance crypto exchange.
Commenting on the drop, analyst Jelle stated that with the drop in Ethereum, the impact of ETF news has faded, and Ethereum erased all its gains from this news. The analyst points out that Ethereum is behaving like Bitcoin at this point.
Bitcoin Dropped After ETF News But
The main point the analyst wants to emphasize here is that a rise will come after this drop. That’s why he gives the example of Bitcoin. The analyst states that after Bitcoin dropped a bit following the ETF news, it rose from the $38,000 level to the $72,000 level.
The analyst ends his post on X with the question of whether ETH will follow this path. If Ethereum rises like Bitcoin did, then levels of $5,000 and above could be possible. However, this situation also depends on a move in Bitcoin.
Considering the fact that every move of Bitcoin affects Ethereum and altcoins, I must state that the salvation of altcoins is clearly dependent on Bitcoin. On the other hand, since spot Ethereum ETFs will soon be on the market, this situation may inevitably help cryptocurrencies recover a bit after the recent drops. However, it’s summer. It’s a period when everyone is on vacation and needs money. The crypto community is probably selling their cryptocurrencies.
