Major ETH Price Correction Is About to End: Bullish Crypto Trader

News
Mon, 11/25/2019 - 10:37
Yuri Molchan
A crypto trader says that even though some may consider him a delusional ETH bull, he believes the ETH price correction is nearing its end
Cover image via 123rf.com
Contents

Since late October, the ETH price has dropped from $190 to the present level of the $137 area. The price of the second major digital currency has been dropping along with other altcoins in the market, following BTC sliding down.

Image via CoinMarketCap

Now, it seems that the Ethereum price may start rising soon.

‘The 800+ day correction coming to an end’

A major crypto analyst and trader @BTC_JackSparrow suggests that the ETH correction that has been going on for over 800 days is about to end. High chances, he hints, for Ethereum price to start an upward movement.

The trader also states that at the moment, the ETH price is 26 percent up from the bottom reached on September 6. Meanwhile, BTC, he says, has lost 35 percent against USD since then, meaning that if ETH goes up it does not have to be the same for BTC.

An Ethereum core developer goes bullish

Recently, a core Ethereum developer known on Twitter as @antiprosynth tweeted that ETH had broken the downtrend both on the ETH/USD and the ETH/BTC charts and is now retesting the trend line.

Image via Twitter

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A bearish opinion emerges

A ‘crypto strategist’ @crypto_noble, however, suggests an opposite point of view, considering that the second largest coin by market cap is likely to continue dropping.

He believes that should ETH fail to emerge from under the $160 mark it will keep going down.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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