Bitcoin, Ethereum and other coins on the cryptocurrency market have risen sharply over the past week, with BTC rising from $ 6,800 to $ 8,450 in just a few days.
While the price is relatively stable at this time, a famous analyst noted that both BTC and ETH are 'thousands of pounds hanging'.
Ethereum needs to hold at $ 133
According to analyst Michael Van De Poppe, Ethereum is operating effectively on the verge of being at the moment.
He noted that if the second largest cryptocurrency breaks below $ 133 - only 2.5% lower than current levels - on a daily basis, it will turn that area into resistance, bringing the price. about 100 dollars and maybe even lower.
However, basically, there are 2 possible situations:
If BTC holds the $ 7,500-7,600 range, it is likely to bring the price up to $ 9,500.
If BTC loses the area of $ 7,500-7,600, $ 5,800 or $ 6,400 is entirely possible.
Similarly with ETH, losing $ 133, the price at $ 100 will not be surprising. ”
Trader Van De Poppe at the Amsterdam Stock Exchange noted that $ 133 is an extremely important horizontal support level, as it played a supporting role in April and November of last year.
Despite various predictions, he thinks that if he holds the $ 133 threshold, he can move 20% to 35% in the coming months.
Current discount catalyst
Although the price dropped to 133 may seem a bit far-fetched, there has been a noticeable price catalyst.
Recently, the Whale Alert Twitter account, which tracks suspicious blockchain transactions, indicated that 1,130 ETH (worth about $ 153,000 at the time of writing) was transferred from the wallet involved in the Ethereum Upbit hack. $ 50 million price to another unknown wallet.
Although this number is negligible, analysis of transactions and related addresses shows that this money transfer is even very dangerous. By using the Ethereum Etherscan blockchain explorer, it was discovered that parts (in small blocks of 25, 50, 100 coins) of more than 1000 ETH were being transferred to a decentralized exchange.
There are still millions of dollars in Ethereum involved in the hack in non-exchange wallets so hackers are waiting for the right opportunity to transfer those funds to the exchange and withdraw money. Not to mention, we posted news of a suspicious move of 11,398 ETH just last week.
Hackers sending money to exchanges is only possible for one of two purposes: they are trying to exchange the stolen cryptocurrency for cash or are looking to convert their assets into another cryptocurrency (yes. be it Bitcoin or Monero in this case) to make the transaction less traceable.