According to analysts, the price of leading altcoin Ethereum (ETH) risks falling below $1,688 and seeking lower support. Because, according to analysts pointing to the possibility of XRP to outpace ETH, in the worst case scenario, there will be another 17 percent decrease after the BofA report. Here are the expectations for the largest altcoin, ETH…
Bearish prospect for leading altcoin
Ethereum (ETH) price is getting worse, according to analyst Filip L. In addition, Bank of America (BofA) has released an analyst note that predicts a drop in usage if the speed of the Ethereum network does not increase soon. After that, Ethereum bulls were stunned. Most worryingly, the report ends with the message that “those who do not upgrade their networks in time are doomed to extinction.” While losses are still relatively contained, there is a 17 percent chance of a drop as the report becomes more common. So, according to the analyst, this situation may become more serious. According to the report, Ethereum price is dropping as a simple factor, as the network speed is declining.
The price of Ripple’s XRP, one of the largest cryptocurrencies after ETH, is performing excellently against the price of Ethereum, which has taken a step back this week. Therefore, according to the analyst, Ethereum traders may not take it well. The reason for the distortion in the correlation and the deviation in the sense of direction comes from an analyst report from Bank of America. BofA analysts state that the speed of the Ethereum network has not increased enough and an upgrade is required if it still wants to take it in the top 2 as a cryptocurrency.
What levels should be considered?
According to analyst Filip L., ETH could be falling sharply as this report becomes more common. Because hedge and mutual funds usually analyze all the data over the weekend and decide their positions on Monday. The best case support is at $1,635, and only 8% losses are priced in, while the worst-case scenario close to 20% losses should be factored in towards $1,450.
Oftentimes, analyst reports offer the opinions of only one person in a group and can quickly be overlooked when the next big catalyst or headline presents itself. If last week’s pessimistic mood starts to fade a bit, Ethereum price could rise even higher. At least a test can be seen at $1,928. At the time of writing, cryptocoin.com Ethereum according to data; It is changing hands at $1,766, down 1% in the last 24 hours. Cryptocurrency is in second place with a market capitalization of $ 212 billion.
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