The cryptocurrency market, which enjoys the rapid rise of an altcoin every day, has worried investors as Bitcoin (BTC) rapidly declines to $ 55,000 today.
With the decline in Bitcoin (BTC), the leader of altcoins, Ethereum, also suffered a rapid decline from $ 1800 to $ 1720, a 5% decline from $ 1800. According to Coinmarketcap data, ETH, which has a market value of over $ 200 billion, finds buyers over $ 1775 as of the time of publication.
In this decline, ETH, which has pinned $ 1720 at the 15.00 candle on the 4-hour chart, is trying to recover at the following hours. This decline in price caused ETH to fall below the midline of the rising channel. If the $ 1725 support level is lost, which stops this decline, a pullback to the $ 1665 levels can be seen.
If the ETH price breaks the lower wing of the rising channel, a gradual purchase can be made until the green area corresponding to the lower 1380 – 1430 dollar range, by means of a stop. It can also be sold gradually on the rises. In addition, it may be possible to stop again in the closings under this area.
Finally, considering that the price has pinned the 1725 band twice, it seems a correct way to wait for the price to rise again and move towards the 1870 resistance. Especially with BTC not dropping below $ 55,000, it is predicted that ETH will be able to retest the peak prices of $ 2,000 in the coming days.
However, at this stage, the movements of Bitcoin, which dominates the market alone, should be closely monitored.
On the other hand, the fact that the updates to be made to eliminate the congestion in the Ethereum network will start in April, is one of the strong developments that will raise the price in terms of fundamental analysis.
* The above is not an investment advice, please make your own investment decisions yourself.