The post Top Analyst Foresees a Major Drop in Ethereum Prices- Here’s the Timeline appeared first on Coinpedia Fintech News
While Bitcoin continues to hold the pivotal trend line, Ethereum has already lost its levels. The second largest token has been displaying consistent strength for over a period of time, but the fresh bearish action led by the SEC’s crackdown, squashed the bullish trajectory, probably for a long time.
Presently, the ETH/BTC price appears to be in a decisive phase, which may be overcome by a bullish push. But viewing things realistically, the price is closer to a major drop.
The ETH price against USDT and BTC has correlated since the beginning of the year, being contrasted on a couple of occasions.
Therefore, now that ETH/USDT is displaying strength and preparedness to trigger a massive upswing, the ETH/BTC pair is speculated to collapse heavily. A popular analyst, Benjamin Cowen, believes ETH/BTC is about to ‘collapse’.
ETH/BTC usually means, both cryptos can be traded for each other or the amount of BTC required to buy 1 ETH. The BTC price is trading under an acute bearish influence as Ethereum is acting as a hedge in the trading pair.
Whenever the token traded against USDT fails to hold, the pair with BTC surges heavily. However, the present forecast flashes the possibility of a major drop as the pair is failing to hold one of the major supports.
The analyst here believes the ETH against BTC may display huge weakness and may slip initially close to 0.05 BTC.
Here a slight rebound is foreseen, following which a major drop may drag the price too as low as 0.035 BTC by the end of 2023. Therefore, with this, the speculations for an extended bearish market until the end of the year emerge.
