Ethereum Price Dips, Experts Predict Rebound Later This Week or NextAmidst continued depreciation of Ethereum's price, prominent cryptocurrency analyst Michael van de Poppe highlighted the asset's current weakness and indicated a potential rebound timeframe in an early morning X platform post. Poppe's comments come as Ethereum, the second-largest cryptocurrency by market capitalization, has been under significant downward pressure, echoing its rival Bitcoin
Ethereum Price Dips, Experts Predict Rebound Later This Week or Next
Amidst continued depreciation of Ethereum's price, prominent cryptocurrency analyst Michael van de Poppe highlighted the asset's current weakness and indicated a potential rebound timeframe in an early morning X platform post. Poppe's comments come as Ethereum, the second-largest cryptocurrency by market capitalization, has been under significant downward pressure, echoing its rival Bitcoin. ETH fell by 3.7% in the past 24 hours, currently trading at $2491.
Poppe stated in his post that Ethereum encountered rejection at the 0.046BTC level and is currently moving towards higher timeframe support. The analyst mentioned the possibility of a bullish divergence occurring, which could trigger a rebound later this week or next week. However, this potential rebound hinges on ETH finding support and reversing its current trend.
" $ETH very weak, still is. Got rejected at 0.046BTC & now moving towards higher timeframe support. Potentially a bullish divergence, but I expect a bounce later this week or next week." - Michael van de Poppe (@CryptoMichNL), August 28, 2024.
Another cryptocurrency analyst, Javon Marx, holds a more optimistic view for Ethereum, noting its recent similarity to Bitcoin's performance. Marx stated that Bitcoin's earlier breakthrough of $67,000 suggests the next move for ETH. He speculates that if Bitcoin continues its ascent, Ethereum could potentially reach a target of $4811 or even higher. However, this potential rebound hinges on Bitcoin maintaining its upward momentum and breaking through key resistance levels.
Marx noted: "Bitcoin further climbed to $4811.6 after ETH 'followed through', potentially leading to BTC breaking $67559, unlocking upside to over $116k & much bigger room to lead the crypto market into a highly bullish phase. Simple."
Meanwhile, the recent price drops in both Ethereum and Bitcoin have significantly impacted traders, with many caught off guard by the sudden decline. According to Coinglass data, over 92,000 traders were liquidated in the past 24 hours, totaling $325.03 million. Out of this, Ethereum liquidations amounted to $86 million, with $67.9 million stemming from long positions. This indicates that many traders anticipated a rise in ETH's price, which ultimately proved to be incorrect.
Bitcoin also experienced significant liquidations, totaling $111.78 million. Similar to Ethereum, the majority of liquidations came from long positions, signifying that many traders did not foresee the price decline.
Despite Ethereum's current weakness, the views of two prominent analysts suggest a potential rebound for the asset in the near future. However, the ultimate outcome remains dependent on market movements and Bitcoin's ability to maintain its upward trajectory. Traders need to approach the market with caution, monitor market dynamics closely, and be mentally prepared for price fluctuations.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
