A widely followed cryptocurrency analyst and trader gave his thoughts for Ethereum (ETH), warning that Bitcoin (BTC) bulls are in trouble if they lose their last line of defense.
Anonymous crypto analyst Pentoshi says bulls need to defend support at $39,000 to avoid another selling event for BTC.
“Despite all the bullish propaganda, the price still respects the levels. Bulls are on life support here. I will continue to update with the level back, but I know the downside risk is high.”
At the time of writing, Bitcoin was trading at $38,500, falling below the critical support level mentioned by the analyst.
The analyst, who also studies Ethereum, believes that the leading smart contract platform is in a bearish trend and will likely trade below $2000 if it breaks the $2200 support.
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