Bitcoin continues to trade below $40, while crypto analysts warn that the decline may continue in Ethereum and a number of altcoin projects. We have compiled the current technical analysis of Nicholas Merten and Altcoin Sherpa for Kriptokoin.com readers.
Ethereum and altcoins could be in danger if these happen
In a new YouTube video, Nicholas Merten tells his 511,000 subscribers that despite recent downsides, Ethereum’s Bitcoin pair (ETH/BTC) is still trusted. Despite another drop in Ethereum price, HL has continued to maintain its price structure since June. The analyst predicts that the BTC/ETH pair will continue to decline by looking at the chart below:
ETH/BTC ratios 0.06, we are currently at 0.066, if we get another 10% decrease against this ratio, that’s This could be a clear sign that the market is ready for a longer decline.
While Merten strongly believes that Ethereum will disrupt financial markets in the next ten years, he goes on to explain that this does not mean that its price will not drop before it hits potential new highs:
If we really experience a dip below the 0.06 ETH/BTC range, this could be a really big warning sign for prices. Not only does this break that line of confidence we really want to see held here, but on top of that it fails to find those potential low support ranges where you have a little more latitude for corrections and price.
Altcoin Sherpa says Solana hits heavy accumulation zone
Crypto analyst nicknamed Altcoin Sherpa, in current Twitter analytics, buy dollar cost average (DCA) for layer 1 blockchain protocol Solana (SOL) says he is targeting $70 to $90 as a buy range:
I personally still believe this is a bottom on higher timeframes. However, I think there will probably be quite a bit before this move, and there is an opportunity cost to buy/DCAing from 70-90. Not a good active trade but maybe a good investment.
Altcoin Sherpa features a chart showing that SOL last approached a critical accumulation zone not seen since August 2021.
The other tier-1 smart contract platform Avalanche (AVAX) on the analyst’s watchlist. The analyst examines AVAX’s 200-day exponential moving average (EMA), an indicator widely viewed by long-term investors:
Overall still looks bearish, expecting further consolidation in the short term. The 200D EMA is hanging on but if BTC drops, it should bounce back to the lows.
Sherpa finally thinks that Kyber Network Crystal (KNC) is holding up well amid market sell-offs and there may still be room for a price increase. The analyst interprets the chart below:
The market moved well despite the rest of the drop. An altcoin to watch
KNC at time of writing, 20% in the last 24 hours It rose more than 1% and reached the 3 dollar band.
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