Experienced cryptocurrency analyst Altcoin Sherpa warned that if Fantom (FTM), the rival of Ethereum (ETH) which has fallen by about 65% this year, loses its current support, the selling pressure could increase, issuing a major collapse warning.
Big Collapse Warning for FTM
Anonymous cryptocurrency analyst Altcoin Sherpa warned Fantom investors from his personal X account and said that FTM could move towards lower levels if its price falls below the $0.15 support:
Now give me some reasons why FTM won’t go down to $0.045. Overall, FTM looks terrible. I hope it bounces around the $0.15 region. Fantom Blockchain is currently underutilized and FTM’s price is excessively high compared to its competitors.
FTM is currently trading at $0.18 with a 0.24% decline in the last 24 hours. A move towards the analyst’s downward target represents a loss of approximately 75% from current levels for FTM investors.
Ethereum’s Alarming Prediction for ETH
Altcoin Sherpa, sharing his expectations for Ethereum after Fantom, expects that the native asset of the largest smart contract platform, ETH, will continue to lose value against Bitcoin (ETH/BTC) until it reaches the support around 0.053 BTC, which corresponds to approximately $1,454:
ETH/BTC is being slaughtered. I don’t expect a bounce until it reaches lower levels. I’m expecting levels around 0.05 BTC as the bottom. However, I think November is still a great time to buy altcoins. I believe it’s time for a short altcoin rally.
Looking at Altcoin Sherpa’s chart, it can be seen that he expects the altcoin market to rise after the downward target he anticipated in the ETH/BTC trading pair is reached. When the trading pair rises, indicating a trend where market participants are turning to altcoins, investors closely monitor ETH/BTC.
At the time of writing this article, ETH/BTC is at 0.05821 with a 1.43% increase in the last 24 hours. It can be seen that the trading pair dropped to 0.05675 before the bounce.