Crypto Market Analysis: Ethereum Price May Hit New Lows Before Bitcoin
The crypto space is currently experiencing serious strife between the bulls and the bears, leading to a range-bound movement in the prices of many cryptocurrencies. Bitcoin (BTC) has seen a significant drop of over 15%, while Ethereum (ETH) has plummeted by over 30%. This has raised concerns among market participants, with many speculating that ETH may hit new lows before BTC due to a more prominent correction on this token.
While short-term price actions in the crypto market are typically bullish or bearish, the long-term outlook is generally bullish. However, the monthly charts of both Bitcoin and Ethereum have recently turned bearish, signaling a potential downtrend. Ethereum lost the crucial $3000 support level, indicating the start of a fresh bearish spell.
Comparing the recent price movements of BTC and ETH, it is evident that Ethereum is experiencing a more accelerated decline than Bitcoin. If BTC drops below $60,000 as predicted, ETH could face an extreme loss, potentially falling below $2000 or even $1800.
The interconnected nature of Bitcoin, Ethereum, and the global financial markets means that price fluctuations in one asset can impact others. The current trade setup suggests that Ethereum may reach its bottom before Bitcoin, but once it hits lows around $2000, it is expected to rebound and potentially surpass $6000, reaching new highs by 2025.
Overall, the crypto market is facing a period of uncertainty and volatility, with traders closely monitoring the price movements of major cryptocurrencies like Bitcoin and Ethereum. Stay tuned for more updates on this developing story.