Serious strife between the bulls and the bears appears to have surrounded the crypto space, due to which the prices of many cryptos are stuck within a range. While the BTC price has plunged by over 15%, the Ethereum price has slid down by over 30%. Due to this, many now believe that the ETH price may find new lows much before the star crypto, as correction appears to be more prominent on this token.
Normally, the short-term price actions are bullish or bearish but the cryptos in the long term are generally bullish. The minor price variations in the STF do not impact the HTF trade. However, the monthly charts of Bitcoin and Ethereum have slid into a bearish trend, and hence, market participants need to be ready for the worst-case scenario too.
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Ethereum’s price lost the crucial $3000 support a couple of days ago, and its failure to retrieve the levels could validate the beginning of a fresh bearish spell. On the other hand, the token dropped more than that of the star crypto and April’s close for BTC was within March’s wick low, while ETH’s close was much lower comparatively. Therefore, this close has confirmed the next upcoming bearish move!
As suggested in the above chart, the ETH price is closely following the BTC price rally but suffering an extended loss. The Bitcoin trade set has worsened right now but Ethereum is doing still worse as the correction phase is more advanced in this pair. The ETH price is sliding down at a faster pace than that of Bitcoin. Therefore, if the BTC price slides down below $60,000 as forecasted in our previous composition, the ETH price may face an extreme loss, with the bottom extending below $2000 or $1800 too.
Bitcoin, Ethereum, and the entire global financial markets are all interconnected, and a price variation tends to impact one. Therefore, the current trade setup indicates that the Ethereum price is likely to hit the bottom before Bitcoin. But after marking the lows close to $2000, the ETH price is primed to soar high beyond $6000 and find new highs somewhere in 2025.
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