The critical period continues in the altcoin market. Many altcoins have reached the bottom price in Binance. Will Etheruem (ETH) find strength at $ 1600?
Many cryptocurrencies such as Arbitrum (ARB), Pepe (PEPE), Sui (SUI) and ApeCoin (APE) are getting closer to their listing price on Binance. The negative progress of the news flow in the sector and the fact that the Ethereum (ETH) price is at an important support point is literally undermining the altcoins. The flagship of the altcoins, which was rejected at $ 1670 and retreated to the $ 1600 band, may face sharper declines if it cannot find support.
Eyes on $1600!
ETH, which was dominated by sellers after failing to overcome the $1635 – $1646 range, is moving towards the $1602 support. Since there is currently no force that can push the market up, the risks for altcoins are increasing. If ETH cannot find a buyer at $1602, it may bring the price up to $1580 – 1550 and $1511 respectively. Altcoins, whose dominance level has already been crushed by the price of BTC and ETH, may lose blood in such a scenario.
The arrival of news that can turn the market positive or exceeding $ 1646 in volume will naturally strengthen the ETH price. In such a scenario, altcoins will turn green and increase the demand of crypto investors. On the technical side, the resistance levels to follow will be 1665 – 1700 – 1726 and 1746 dollars, respectively.
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