We analyze the price of the two digital currencies responsible alone for more than 600 billion USD in investments: Bitcoin and Ethereum.
Summary
Bitcoin and Ethereum: USD price analysis
A close look at the dollar price of Bitcoin and Ethereum, two very volatile currencies that often drive the entire market.
Ethereum (ETH)
Three days ago, the well-known crypto analyst Nicholas Merten, spoke about Ethereum (ETH).
As circulated by The Daily Hodl, Nicholas Merten from the YouTube channel DataDash talked about how ETH might not have a good period.
According to the analyst, negatively affecting ETH’s price trend would also be the bearish crypto market.
“The long-term ETH/USD pair still has a long way to go. We’re only right 67% off the [highs], we’re only down about 82%, but if we’re doing anything like a traditional bear market, it’s important to realize how big the 82% difference is in less than the all-time highs is, say, 90%.
The difference is huge, $870 down to about $500, and if we see again what we [saw] in previous bear markets, say [a] 92% correction or 94% correction, you’re talking about ETH dropping to a few hundred dollars.
People really underestimate these percentage differences when they measure top down, they think ‘Oh, there can’t be too much difference between an 80% or 90% correction.’ Well, there’s a huge difference, and I don’t know exactly when that timeline will be… Just looking at the price [of ETH], [it] looks weak.
We haven’t been able to clear [the] $1,600 to $1,800 range for Ethereum for several months, more than six months now.”
While Nicholas Merten’s remarks may be true in the medium term not everyone is of the same opinion in the long run.
ETH, according to Guy Turne, another established analyst from the YouTube channle Coin Bureau, for example, will see value rise in the long run.
What Guy Turne stated about Ethereum is this:
“I guess the important thing about whether or not the flip happens is that it’s not a big deal. I think a lot of maxis on both sides of the fence tend to get worked up about that and stuff like that. .. They have different roles. They’re doing different things, so [whether] ETH flips BTC or not, it’s really not a big deal as far as I’m concerned. ..
I personally think it will probably happen given the continued growth of the Ethereum ecosystem and how many people I think will be using it in the future. And it will be one of those things that you will use without really realizing it. I can only see Ethereum grow. I mean, it has so much market share right now.
It’s always evolving, it’s constantly finding new things, and we’ve already built this entire layer 2 ecosystem system on top of it. I really feel like Ethereum is going to be the base layer, the base chain.”
It’s constantly evolving, it’s constantly finding new things, and we’ve already built this whole level 2 ecosystem system on top of it. I really feel that Ethereum will be the base layer, the base chain.”
The current market price of Ethereum (ETH) is $1565.82 with a volume of $6.7 billion traded in the last day.
The ETH/USD currency pair has overcome the symmetrical triangle pattern and this will lead to new selling with probable floor at $1560.
Upon crossing the fateful 1560 USD, Ethereum could collapse as low as $1500.
This scenario for now is highly unlikely, as between $1,620 and $1,680 we find strong resistance that would provide a shield to new declines.
Bitcoin (BTC)
As is the case with Ethereum (ETH), volatility seems to have decreased for its big sister Bitcoin (BTC) nevertheless the currency faces uncertainty regarding its direction.
For every moment when the currency seems to go up around the corner there is a chart ready to say otherwise, and this has been going on for some time.
At one time, the price of BTC relative to US dollars was trading in the range of $22,000 to $22,500 while lately the fluctuations are greater.
Today Bitcoin records a daily trading volume of $18 billion.
On the upside, if we consider the technical analysis the run could start at the crossing of $23,250 while a descent of the price is expected below $22,046.
Should even this last supporting bulwark be breached, Bitcoin could fall as low as $21,450.
Digital Gold is coming off a week in which it lost 7% of its value despite market capitalization rising slightly.
Last year on this date BTC was at $41,050 while Bitcoin’s fifty-two-week price range is $15,505 to $48,163.
Even today Bitcoin is not shining and stands at $22,429 down 0.029% in the last 24 hours.
