“ETH’s stability wavers amidst a sea of altcoin losses, signaling a potential shift in the crypto landscape.”
The crypto market has experienced considerable declines recently, with Bitcoin and Ethereum both taking a hit. Bitcoin’s price dropped 2.2% to $33,977, while Ethereum slid 1.3% to $1,773. Altcoins such as Solana, Chainlink, and Bitcoin Cash also suffered significant losses.
Despite these dips, analysts and investors see them as potential opportunities for profit. Analysts like Rekt Capital believe that dips offer a chance to buy and accumulate more assets as the bull run continues. They anticipate that altcoins, in particular, will have moments of bullish activity and corrections.
Altcoin Sherpa, a well-known trader and analyst, also shares this sentiment. He urges investors to be aware of what the start of a strong rally looks like and notes the possibility of altcoins correcting by 10-20%.
In terms of Ethereum’s price prediction, the cryptocurrency started a rally by capitalizing on a double-bottom pattern with support at around $1,545. It broke through key moving averages and targeted a move to $1,958. However, the recent pullback saw Ethereum abandon the uptrend at $1,868. If support at the double-bottom pattern neckline holds, Ethereum could make a stronger move above the $2,000 level. The Relative Strength Index (RSI) being in the overbought region indicates a bullish outlook.
Overall, the market dip presents an opportunity for investors to take advantage of potential profit-making opportunities. Ethereum’s price prediction suggests that it could surpass the $2,000 mark if support levels hold. However, it’s essential to conduct thorough research and analysis before making any investment decisions in the volatile crypto market.