After a long effort, the bears Ethereum As the price is trading in and outside the $3000 level, it seems like it is close to pulling the levels below important support. As the bearish atmosphere begins in the crypto market, it is a matter of curiosity whether the bulls will be able to provide a solid foundation or whether the bears will be able to squeeze profits.
Previously, the gaining strength of the ETH/BTC pair, altcoins BitcoinIt was believed to be a clear indication that he was growing stronger than . However, a recent analysis shows that when ETH/BTC pairs rejected from interim highs, the price of ETH against the USD or USDT dropped drastically. Now that ETH/BTC is under acute bearish pressure, can the ETH price recover from recent losses?
Referring to both pairs, Benjamin Cowen, a famous analyst, said that the downtrend could soon hit the ETH price. in your opinion.
As we reported as Koinfinans.com, the analyst referred to the weekly price chart of ETH against USD and compared the change of ETH/BTC. It marks the times when ETH/BTC started to decline and states that the ETH price against the USD faced a 70% drop at the same time. Now that ETH/BTC is facing rejection, the analyst is predicting a similar price movement.
The analyst states:
“The last 2 times ETH/BTC crashed, ETH/USD dropped nearly 70%. “In a world where everyone has been preaching an altcoin season in an uptrend dominated by BTC for the last 2.5 years, I wanted to remind people that there is still downside risk.”
However, the analyst notes that the price is still likely to drop below $2000. In this context, he also touches upon the possibility that the altcoin season will be different. If this happens, Ethereum price could present a lifetime opportunity to accumulate as the 5-digit price target remains valid for the rally in the long term.
