As the cryptocurrency market struggles with corrective price movements, a well-known crypto expert maps out what can happen for 3 popular altcoin projects.
Cheds has set a red alert for these 3 altcoins
In a recent video, cryptocurrency analyst nicknamed Cheds has 45,700 followers as the largest smart contract platform Ethereum (ETH) continues to gain weight in the market. He warns it could drop below $2,000.
Ethereum (ETH) will likely go lower. I’m more interested in $1,800 and $1,800 rather than $2,000 for the suitable position. I think if Bitcoin goes down it will probably go down to Ethereum, but if I didn’t think Bitcoin would go down, I would still look at the chart and think this chart would go down.
Cheds also claims that the market downturn also forced Ethereum rival Avalanche to fail. According to Cheds, AVAX is now poised for additional negative price action. In a rough translation, the analyst says:
AVAX is not looking good. It could test $50 soon… The downside continues within an ascending channel.
Analyst predicts a big drop for DOT when it comes to Polkadot
In part of the video, Cheds says that DOT is preparing for another big drop below its current price of $15.46:
Momentum for DOT is on the downside. This is a very strong sell signal, a short signal. It does not present a good picture.
CoinShares: Institutional investors are moving away from this altcoin project
While Cheds are waiting for $2,000 gold in Ethereum price, a recent CoinShares report is that institutional investors are moving away from Ethereum presents the data. The weekly CoinShares report published on April 25, 2022, quoted as Kriptokoin.com, shows that Ethereum has a total of $16.9 million in investment outflows as investors transfer funds to other promising altcoins, including Avalanche (AVAX), Solana (SOL). He announced that he had witnessed his third week.
Data released by analysts shows that Ethereum-based investment products have seen exits for the third week in a row, totaling $16.9 million, with total outflows reaching $169 million year-to-date.
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