“Could the price of Bitcoin fall more than 70%? This is a possible scenario if the price repeats what happened during the previous cycle. If BTC fell by 70%, it would be a disaster for altcoins and for Ethereum. Is the second largest cryptocurrency by market cap becoming fragile? In the October 31 newsletter, we will review the technical situation […]”, — write: businessua.com.ua
Could the price of Bitcoin fall more than 70%? This is a possible scenario if the price repeats what happened during the previous cycle. If BTC fell by 70%, it would be a disaster for altcoins and for Ethereum. Is the second largest cryptocurrency by market cap becoming fragile? In the October 31 newsletter, we’ll take a look at ETH’s technical situation!
The price of Ethereum has been in the red for a month (-7%). For several weeks the situation for Ethereum was difficult . Price Ethereum hovers around 4,000 dollars and she fell by 1.7% in 24 hours on 3% per week and by 7% per month .
Couple 1 hour 24 hours 7 days 1 million 3M 6 million 
ETH/BTC
-0.05252% -1.47% -2.09% -3.30% 13.86% 82.47% 
ETH/USDT
0.4866% -1.74% -2.98% -6.92% 10.19% 109.58% Ethereum performance against different trading pairs. Source: Coincheckup
And the situation is not much better for Bitcoin. ETH/BTC ratio fell by more than 3% in the last four weeks. Can the cryptocurrency king make a comeback?
Buyers continue to defend the weekly support level of $3900 on Ethereum. For several weeks, the sellers tried force buyers to lower prices close $3900 support level . But for now this one the support level is holding firm despite the pressure from the sellers .
Ethereum price against the dollar (1 week) – Sign up for TradingView using our affiliate link.
The price still has the potential to bounce back between moving averages (9-day/18-day EMA) . In this case, a bullish scenario with a breakthrough of the historical maximum is possible ( ATH) at the level of $4950 . However, if the price loses support at $3900 she can undergo bearish volatility and fall to about $2800 . For now, momentum remains in favor of buyers on the weekly chart.
RSI is declining several weeks ago momentum is fragile . To achieve strong impulse the RSI will need to be plotted again bullish patterns .
ETH fluctuates around $4000 daily. Daily price of ETH:
- is developing below the rising trend line
- blocked against bearish moving averages (EMA 9/EMA 18)
- hovers close to 4000 dollars
The price may have reached local maximum, as the trend weakens :
Ethereum Price Against Dollar (1D) – Sign up for TradingView using our affiliate link.
Movement above $4000 will allow the price to bounce back and test resistance at the level of $4700 . If the price continues to fall, it is possible drop to $3500 . RSI is stabilizing for several weeks now. To type strong impulse the price will need to break the downtrend line and close above $ 63 .
ETH is weakening in the short term, but the price is holding on to the weekly support at $3900. It seems that all is not lost for the cryptocurrency king, but he will need to recover to $4,000 to avoid another drop. Meanwhile, the well-known founder of Strategy believes that BTC could accelerate to $150,000 by the end of the year.
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Volatility following Jerome Powell’s speech on the Fed’s monetary policy brought momentum back into the cryptocurrency market. Cara has used this to adapt her strategy: the Steady Lads portfolio remains flexible, with around 65% market exposure and a reorientation of the allocation to the strongest assets.
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Source: journalducoin.com
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