Bitcoin

Selling Trading Triggered for Bitcoin as Ethereum Appears Poised to Hit Lows Below BTC

Published

9 months ago

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Serious conflicts between the bulls and the bears seem to have surrounded the crypto space due to which the prices of many cryptocurrencies are stuck within a range. While the BTC Price fell by more than 15%, the price of Ethereum fell by more than 30%. Due to this, many now believe that the price of ETH may find new lows much sooner than the star crypto, as the correction appears to be more prominent in this token.

Typically, short-term price actions are either bullish or bearish, but long-term cryptocurrencies are usually bullish. Small price changes in the STF do not impact HTF trading. However, the monthly charts for Bitcoin and Ethereum have fallen into a downtrend and therefore market participants also need to be prepared for the worst-case scenario.

Ethereum Price it lost crucial $3,000 support a few days ago, and its failure to reclaim levels could validate the start of a new bearish period. On the other hand, the token fell more than the star cryptocurrency and the April close for BTC was within the March low, while ETH’s close was much lower comparatively. Therefore, this close confirmed the next bearish move!

As suggested in the chart above, the price of ETH is closely tracking the rise in BTC prices but suffering a prolonged loss. Bitcoin’s trading set has worsened now, but Ethereum is even worse as the correction phase is further advanced in this pair. The price of ETH is falling at a faster rate than Bitcoin. Therefore, if BTC price drops below $60,000 as predicted in our previous composition, ETH price could face extreme loss with the bottom extending below $2,000 or $1,800 as well.

Bitcoin, Ethereum and all global financial markets are all interconnected, and a price change tends to impact one of them. Therefore, the current trade setup indicates that Ethereum price will likely bottom before Bitcoin. But after reaching lows near $2,000, the price of ETH is poised to rise beyond $6,000 and find new highs somewhere in 2025.

Also check out: Bitcoin Bulls Trying to Regain Momentum, But Is Now the Time to Hurry Up and Accumulate Bitcoin?

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