Ethereum Faces Critical Moment vs Bitcoin: Trader Warns About Potential Tipping Point
Headline: Ethereum's Battle Test Awaits as Analyst Details Do-or-Die Zone vs Bitcoin, While Bitcoin Rides the Crypto Rollercoaster
Are you wondering what the future holds for Ethereum and Bitcoin? Let's dive in!
This week, a well-known analyst, going by the moniker Sherpa, shared his insights on Ethereum and Bitcoin's price movements with his 245,400 followers on the social media platform X. The news was first featured on The Daily Hodl.
According to Sherpa, Ethereum (ETH) is at the edge of a "do-or-die" area when matched with Bitcoin (BTC). He suggests that a major support level, roughly around 0.01745 BTC, should be maintained if ETH intends to avoid a massive depreciation of around 58%. In simpler terms, that would mean Ethereum could plummet to levels last seen in early 2017[3]. As it stands, Ethereum is trading above this critical line at 0.01898 BTC[3].
Moving on to Bitcoin, Sherpa believes there's a short-term rally ahead. As Bitcoin surges higher, the analyst predicts a correction of up to 20% from the target price. After a brief correction, Sherpa expects another bullish push to a higher price point later in the year. The fluctuations in Bitcoin's value, according to Sherpa's analysis, will mirror altcoin trends throughout this period, with altcoins following suit[3].
At the time of the analysis, Bitcoin was trading at $94,460, enjoying a 13% increase over the previous two weeks[3].
Stay a step ahead by following The Daily Hodl on X, Facebook, and Telegram. Don't miss a beat – subscribe to our newsletter for email alerts straight to your inbox[3]. So, buckle up, folks! It looks like we're in for a wild ride in the crypto world.
Disclaimer:
Opinions expressed on The Daily Hodl are not financial advice. Investors should perform their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that The Daily Hodl participates in affiliate marketing[3].
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Source: The Daily Hodl
[1] A Widely Followed Analyst Is Saying Ethereum (ETH) Could Depreciate Massively Against Bitcoin (BTC) If the Second-Largest Cryptocurrency by Market Cap Loses a Key Support Level
[2] Enrichment: Ethereum Analysis
[3] Enrichment: Bitcoin Analysis
- The "do-or-die" area for Ethereum (ETH) that a well-known analyst has highlighted against Bitcoin (BTC) indicates the importance of cryptocurrency investing in the blockchain market, where the future of finance will significantly depend on the price movements of these leading cryptos.
- With Bitcoin (BTC) surging higher, altcoins—including Ethereum (ETH)— are expected to follow suit according to the analyst's prediction, demonstrating how the finance space is intertwined with the cryptocurrency market, offering lucrative opportunities for investors interested in the crypto sphere, blockchain, and altcoins.
