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.
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.
Really?— Bitcoin 𝕵ack (@BTC_JackSparrow) November 24, 2019
ETHBTC is up 26% from its bottom on Sept 6
BTCUSD is down 35% since then
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.
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.
$ETH— Bill Noble (@crypto_noble) November 24, 2019
Can’t believe I’m writing this.
In $ETH, the break of 160 created real damage from a #Gann point of view.
If $ETH stays below 160, the next cluster of angles is near 80.
There would have to be a massive rally to change the picture. #crypto #ethereum pic.twitter.com/nPIlj8ZgdS