While Bitcoin is ascending, the coming altcoin news show that not every altcoin is seeing the same performance. In fact, Bitcoin’s recent nascent was a negative signal for the crypto markets – leading most altcoins to plummet. Ethereum dives to $200 as we speak, while BTC continues to garner greater dominance over the markets.
Right now, analysts believe that Ethereum could still see some bullish price action in the near future, coming as the sentiment surrounding it is becoming increasingly bearish. At the time of writing, Ethereum is trading down by nearly 3% and has a current price of $209, down from the highs of nearly $215.
The performance can be seen in the altcoin news from different perspectives. Over a one week period, we can see that ETH is down from 0.
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As Ethereum dives in the low regions of the $200 margin, the cryptocurrency is trading just a hair above the seven day lows of $200 which were set a few days ago.
The bearish price action of ETH, as reported by many best cryptocurrency news sites, marks an extension of the sell-off which first began in early July, when the cryptocurrency was trading over $300. This was closely followed by a sharp pullback and the fact that Ethereum dives to $200 is a simple confirmation that the bear market is not over for this cryptocurrency.
Despite the massive drop, however, a popular crypto analyst on Twitter with a handle ‘DJ Thistle’ recently said that ETH could be gearing up for another big movement upwards – mostly because of its fractal formation that it formed in early 2017.
“Gettin’ closer,” he simply noted in a recent tweet, while pointing to the below chart.
What is also important as Ethereum dives to new lows is that the investors are growing increasingly bearish about the cryptocurrency. For instance, a recent Twitter poll signals that of nearly 4,000 participants, even 35% believe that ETH will never trade above $1,000 again which is where its all time highs are set.
The question “Will $ETH ever trade above $1000 again?” was asked in a Twitter poll recently by Nik Patel, a popular cryptocurrency analyst.
Will $ETH ever trade above $1000 again?
— Nik Patel (@cointradernik) August 10, 2019
The results do not show much of an optimism, even though the ‘Yes’ answer dominates right now with 54% of the votes. As Ethereum dives to new lows, it may be disheating for investors to predict new highs.
The second half of the year also continues and it is highly likely that it will grow increasing clear as to whether or not altcoins are able to regain dominance over the markets – or Bitcoin will continue to maintain its dominance.
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