Leading cryptocurrency Bitcoin (BTC) has suffered a sharp decline today. The BTC price dropped by about 9% right after it broke an all-time record, causing panic in the market.
Ethereum Continues to Hold
Altcoins also crash hard in this drop in bitcoin price Ethereum’un (ETH) was found to be relatively more durable. Although the Ethereum price fell against the US dollar, the ETH / BTC parity remained firmly in place, raising investors’ hopes for a rise.
Unable to break the resistance despite testing $ 1,900 on March 13, ETH again fell behind the $ 2,000 level of psychological support. Despite this, the fact that the ETH / BTC parity finds a branch to hold in the region of $ 0.029 and $ 0.031 indicates a consolidation. Usually, a cryptocurrency holding on against the BTC trading pair and remaining flat for a while results in a serious rally.
Famous analyst Michael van de Poppe also commented on this hold of the ETH price in his current analysis. The analyst stressed that the ETH price could easily see above $ 2,000 when the market turns green again. In his chart, Poppe pointed out that the short-term target of the ETH price is $ 2,200 and above.
Especially when the EIP-1559 update starts to get priced, it can reduce the transaction fee issue and positively affect the ETH price. The sharp declines in the prices of projects such as Binance Coin and Cardano, which are seen as Ethereum competitors, also increase the likelihood of ETH’s bull run.