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Sirwin

Ethereum is unlikely to repeat the dynamics of Bitcoin in the pump: are the risks of surrender increasing? The opinion of analysts

By World Crypto | World Crypto | 6 May 2020


Over the past few days and weeks, the trend of the leading altcoin has been technically weak. This is mainly due to a significant pullback regarding weekly highs above $ 230, which were reached a week ago.

As a result, now some analysts expect not only a correction paired with the dollar, but also regarding BTC.

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Ethereum enters the consolidation phase and traders allow correction

At the moment, Ethereum is trading around $ 208, over the past day the leading altcoin exchange rate has changed slightly. Moreover, over the past few days, ETH has been in a relatively narrow price range between $ 200 and $ 210.

The ongoing consolidation of the Ether is taking place against the background of the side trade of the leading cryptocurrency. Over the past day, the BTC rate crossed the $ 9000 mark ten times, but the bulls and bears have not yet determined the short-term trend of the asset.

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Over the past week, BTC has been a more effective asset than ETH, but its short-term trend is likely to depend on a reaction to the level of $ 9,200. According to one of the analysts, after the completion of side trading on the BTC market, a jump in the price of $ 800 -1000 will occur.

Despite the definiteness of the leading cryptocurrency trend, the prospects for Ethereum seem bleak. At least one of the analysts expects the ETH rate to drop below $ 100 in the medium term:

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TraderEscobar published this 3-day ETH chart, noting that "the market structure still favors the continuation of the bearish trend."

At the end of April, this analyst shared the observation that “every rebound on the weekly chart is getting weaker”, so “Ethereum’s long-term goal is $ 40-$ 50”:

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Ethereum unlikely to follow BTC in the short term

Another reputable trader, DonAlt, said yesterday that “for some strange reason, the ETH / BTC chart doesn't look awful, BTC / USD does, but ETH / USD looks that way.” He added:

Even if BTC goes to the moon, I strongly doubt that ETH will take part in this. If this week we see a crazy surge or, conversely, a weakness before halving, I will open ETH shorts. Moreover, now the course is near the resistance zone of the senior timeframe.

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Regarding the ETH / BTC chart, “it doesn't look so bad”:

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Do bulls have a chance of Ethereum growth?

According to one of the analysts, yes.

Trader IamCryptoWolf published yesterday a super-bullish chart according to which the main altcoin is going to follow the path of Bitcoin 2015-2017:

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According to the IamCryptoWolf schedule, Ether can go up more than 60 times during the next bull rally, which at the moment seems incredible.

 

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World Crypto
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