Ethereum to see major price drop before its recovery, predict experts

Ethereum to see major price drop before its recovery, predict experts
  • Cryptocurrency analysts, investors, and big market players argue that Ethereum (ETH) could fall and break down before the altcoin begins its recovery. 
  • Bitcoin (BTC) capitulation could be followed by ETH, before the asset begins its 5th wave and makes a comeback.

In the cryptocurrency market, the Bitcoin (BTC) price recently went through a negative impact. Analysts suggest that Ethereum, another famous and popular cryptocurrency, could also see a decline before its market recovers. The recent fall in Bitcoin price is considered a predecessor to a price fall in the asset.

Reportedly, the price of Ethereum has managed to sustain above its key psychological level at $2,000. The short-to-medium term layout of Ethereum is anticipated to be bearish. However, the price of the altcoin could hike to support at $1,930 before it begins its reversal.

Estimates are made that Ethereum’s interrelationship with Bitcoin and the bloodbath in US tech equities and stocks is the reason for the ongoing downfall in altcoin’s price. 

However, with the steady recovery of US stock market and the bitcoin price, Ethereum is anticipated to comeback on the track.

Furthermore, @CredibleCrypto, a crypto expert and trader, analyzed and estimated the Ethereum (ETH) price trend and suggested that Bitcoin dominance will hit major support.

ETH price against BTC is still to break down and create its way to the red line, since BTC is anticipated to surrender.

According to @CredibleCrypto, the dip in Bitcoin price could have been a precursor of a major BTC pump or a major BTC dump, and ETH could see a bullish reversal trend ahead of BTC’s 5th wave, based on Elliottwave Theory. 

The theory implicates that the 5th wave of the asset would be a considerable rally, driving Bitcoin higher than its previous all-time high. 

Source Credit : https://www.fxstreet.com/cryptocurrencies/news/experts-predict-massive-drop-in-ethereum-before-altcoin-begins-recovery-202205151040