The price of Bitcoin is beginning to move towards a worrying situation. A few hours ago, it lost important support, causing cryptocurrency investors to suffer even greater losses from counterfeit currency
The price of Bitcoin is beginning to move towards a worrying situation. A few hours ago, it lost important support, causing cryptocurrency investors to suffer even greater losses from counterfeit currency. The same thing happened today. So, what are the experts' predictions for Ethereum (ETH)? Will prices continue to decline?
ETH expert prediction
Even analysts seem to lack confidence in the current foggy atmosphere. In fact, despite the decline in the US dollar index and oil prices, thousands of Bitcoins seem to be turning to the stock market for sale. This situation may reflect people's expectations that geopolitical issues will deepen in the near future.
CryptoTony_ Firmly in a downward trend. However, he does not believe that the rising support line is of much importance. The popular analyst also mentioned that Bitcoin's losses may intensify. The price initially fell below the support level of $26800 and is currently supporting this level.
Analysts say that after a brief rebound, ETH prices will fall below the parallel downward channel. When the trend line reaches $1400, he predicts an increase.
Analyst's comments on ETH
On the other hand, TheCryptoCactus predicts that if the above trend line is lost, ETH prices will bottom out between $1100 and $1200. This sharp decline may cause concern for other counterfeit coins, as most of them trade at prices close to or below ATL levels.
Unlike the first two analysts, renowned cryptocurrency commentator IncomeSharks is confident in the upward trend. He believes that a rebound from the support line will lift prices to the resistance zone of $1900. The last time this level was rejected was in July.
The weekly chart shows a decline in ETH. RSI confirmed a downward trend. In August, the RSI fell below the neutral zone, and last week confirmed the trend line as a resistance level. Based on this, we can see that the King of Shanzhai Coins has fallen to the support level of $1300, with a decrease of 20%.
Despite all negative factors, if BTC regains support at $27200 and targets resistance at $28000, the situation may reverse. If ETH and RSI recover above the support level on the weekly chart, the price may reach the target of $1950.
In summary, BTC determines the market direction, and expectations for ETH are generally not optimistic.
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