Ethereum’s price has been on a downward slide, and experts are offering their takes on when we might see a rebound.
Ethereum’s Current Situation
Crypto analyst Michael Van De Poppe highlighted Ethereum’s weakness, noting that it’s been rejected at a key price level and is now approaching support areas. He sees a potential for a bullish divergence, which could lead to a rally later this week or next. However, this depends on Ethereum finding support and reversing its current downward trend.
A Bitcoin-Driven Rebound?
Another analyst, Javon Marks, is more optimistic about Ethereum’s future, drawing parallels with Bitcoin’s recent performance. He suggests that Bitcoin’s breakout above $67,000 could pave the way for Ethereum to reach $4,811 or higher. However, this scenario hinges on Bitcoin maintaining its upward momentum and breaking through key resistance levels.
Traders Caught Off Guard
The recent price drops in Ethereum and Bitcoin have caught many traders off guard, leading to significant liquidations. In the past 24 hours, over 92,000 traders were liquidated, resulting in over $325 million in losses. Ethereum accounted for a significant portion of these liquidations, with many traders having bet on a price increase.
The recent price swings highlight the volatility of the crypto market and the importance of careful risk management. While some analysts are optimistic about a potential rebound, it’s important to remember that the market can be unpredictable.
