Ethereum
Selling trade triggered for Bitcoin, as Ethereum appears poised to mark lows below BTC
Serious conflicts between the bulls and the bears seem to have surrounded the crypto space, due to which the prices of many cryptos are stuck in a range. While the BTC Price plunged more than 15%, Ethereum price fell more than 30%. For this reason, many now believe that the price of ETH could reach new lows well before the crypto star, as the correction appears to be greater on this token.
Normally, short-term price actions are bullish or bearish, but long-term cryptos are generally bullish. Minor changes in STF prices do not impact HTF trading. However, the monthly charts of Bitcoin and Ethereum have slipped into a downtrend and hence, market participants must also prepare for the worst-case scenario.
The price of Ethereum lost the crucial $3,000 support a few days ago, and its inability to regain levels could validate the start of a new bearish period. On the other hand, the token fell more than that of the crypto star and the April close for BTC was within the lowest range of March, while the close of ETH was comparatively much lower. Therefore, this close confirmed the next bearish move to come!
As the chart above suggests, the price of ETH closely follows the price rise of BTC but suffers a prolonged loss. Overall Bitcoin trading has deteriorated at present, but Ethereum’s situation is even worse as the correction phase is further along in this pair. The price of ETH is falling at a faster rate than Bitcoin. Therefore, if BTC price falls below $60,000, as predicted in our previous composition, ETH price could suffer an extreme loss, with the floor also extending below $2,000 or 1 $800.
Bitcoin, Ethereum and the entire global financial markets are all interconnected and a change in price tends to have an impact. Therefore, the current trading pattern indicates that Ethereum price is likely to reach its lowest level before Bitcoin. But after hitting a low near $2,000, ETH price is poised to surge beyond $6,000 and reach new highs somewhere in 2025.