A Crypto Strategist Warns of Sell-Off Events for Ethereum Challenger
A well-known crypto strategist is cautioning investors about an Ethereum (ETH) competitor that has experienced a 65% decline this year. The pseudonymous analyst, Altcoin Sherpa, is advising Fantom (FTM) holders to be cautious if the altcoin loses its immediate support at $0.15.
Altcoin Sherpa points out that FTM’s current situation appears bleak, and there are concerns about its underutilization and overvaluation compared to its competitors. At present, FTM is trading at $0.18. If it moves towards the downside target predicted by the analyst, holders could face a loss of approximately 75% from current levels.
Ethereum’s Value Continues to Decline Against Bitcoin
Altcoin Sherpa also shares his thoughts on Ethereum’s value relative to Bitcoin (ETH/BTC). He believes that Ethereum will continue to lose value against Bitcoin until it reaches support around 0.053 BTC, equivalent to about $1,454.
The analyst suggests that the altcoin markets will experience a rally once ETH/BTC reaches its downside target. Traders closely monitor ETH/BTC as a bullish pair typically indicates a shift of market participants towards altcoins. Currently, ETH/BTC is trading at 0.057 BTC ($1,563).
Hot Take: Analyst Warns of Potential Decline in Ethereum Rival
An influential crypto strategist has expressed concerns about Fantom (FTM), an Ethereum competitor that has seen significant losses this year. The strategist warns that if FTM loses support at $0.15, it could trigger further sell-off events. Additionally, the analyst predicts that Ethereum’s value against Bitcoin will continue to decline until it reaches a support level around 0.053 BTC. However, the strategist believes that November could be a great time to buy altcoins, as a potential short altcoin rally may be just around the corner.
By
By
By
By
By