Ethereum is one of the main altcoins to look out for in this week’s altcoin news – mostly because of its weak trend over the past couple of days. Bitcoin’s recent downtrend has led many to believe that altcoins are going down too, and one analyst sets ETH target at $90 now.
The truth is, ETH has had a bearish price action as of lately, which is why some analysts expect it to drop to lower levels in the coming days and weeks. One investor believes that the biggest altcoin out there will drop as low as $90.
This puts the fear in the big picture. While the analyst sets ETH target at $90, many are unsure what to do – whether to buy more of ETH or sell what they have now. At the time of writing, Ethereum is trading down just over 10% at a current price of $169, down from $187 which was its daily high two days ago. The latest cryptocurrency news also show that the drop of ETH coincided with the sell-off that sent Bitcoin from $10,300 highs to $9,300 lows – making it lose almost $1,000 in a single day.
According to one of the most popular technical analysts, DonAlt, ETH is currently trading down just over 3%. The analyst sets ETH target with further drops, agreeing that Ethereum could move in a downward direction soon.
“$ETH: Just doesn’t look like it’s time just yet. I’d suspect a broken 270-day range to lead to a bigger move than the current one. The moment ETH/BTC moves back above my box /back in the trading range I’ll be more inclined to believe the bottom is in. Until then expecting lower,” DonAlt noted in a recent tweet, which went viral on many best cryptocurrency news sites.
A Bitcoin bull named Max Keiser gave contrast to Don Alt and his tweet, responding and stating that the most dominant cryptocurrency will soon plummet as $90.
Next target for ETH, $90.
— Max Keiser (@maxkeiser) August 29, 2019
Even though some investors think that it is quite unrealistic for ETH to suddenly drop to $90 and lose more than half of its value, it is important to remember that the Ethereum 2019 lows are currently set around $100, which is a stone throw away from Keiser’s target.
If BTC incurs a greater dominance over the next period, it is possible that altcoins will revisit or break below their 2019 lows.
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