The leading crypto analyst and trader argues that Ethereum could drop further and deteriorate before it starts to rally. According to analysts, Bitcoin capitulation could be followed by the altcoin before the asset starts its fifth wave and makes a big comeback. Analysts are optimistic about Ethereum’s recovery after a price drop in the asset.
Leading altcoin Ethereum may be hit before it recovers
Although the price of the leading crypto Bitcoin fell in the recent downtrend in the cryptocurrency market, analysts believe that the leading altcoin Ethereum may drop further before the altcoin trend reverses. According to a prominent cryptocurrency analyst, Ethereum price could drop before Bitcoin’s fifth wave.
As you can see from the news of Kriptokoin.com, the cryptocurrencies in the crypto market are in a bloodbath, and the price of Bitcoin has had a serious negative impact. Analysts believe that Ethereum capitulation could happen before the trend reversal. According to the Elliottwave Theory, the recent drop in Bitcoin price is considered to herald a price rally in the asset. Analysts make the following assessment:
Ethereum price remained above the key psychological level at $2,000. However, the short and medium-term outlook on Ethereum is bearish. Altcoin price could hold support at $1,930 before a trend reversal in Ethereum.
“ETH may take a bullish turn before BTC’s 5th wave”
The latest sharp drop in Altcoin’s price is due to Ethereum’s correlation with Bitcoin and derived from the bloodbath in US tech stocks and equities. According to analysts, Ethereum is on its way back with the recovery of US stock indices and Bitcoin price.
A popular crypto analyst and trader, nicknamed CredibleCrypto, evaluated the Ethereum price trend and noted that Bitcoin dominance will reach massive support. According to the analyst, as the capitulation is expected to occur in BTC, Ethereum price against Bitcoin has not yet broken out and has reached the red line.
Analyst states that a drop in Bitcoin price may herald a big pump or drop and Ethereum may make a bullish turn before Bitcoin’s fifth wave based on Elliott Wave Theory. The theory implies that the asset’s fifth wave will be a major rally, pushing BTC higher than its previous all-time high.
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