Bitcoin and Ethereum Prices Experience Declines, Altcoins Take a Hit
The crypto market has seen significant declines for the first time since the October rally began. Bitcoin’s price dropped 2.2% from $35,000 resistance to $33,977, while Ethereum’s price slid 1.3% lower to $1,773 after falling below support/resistance at $1,800. Altcoins have also been affected, with Solana down 6.4% to $31 and Chainlink down 5.2% to $10.53. Bitcoin Cash’s market value fell 5.1% in 24 hours to $243.
Analysts See Profit Opportunities in Ethereum Price Dips
Despite the recent dip in prices, analysts believe that these downturns can be profitable for investors. Rekt Capital suggests that dips provide opportunities for investors to buy more as the bull run continues. Altcoin Sherpa also shares this sentiment, advising investors to be aware of what the start of a strong rally looks like. He predicts that altcoins may correct by 10-20%, offering a chance for investors to enter at lower prices.
Ethereum Price Prediction: ETH Still on Track for $2,000
Ethereum started a rally by capitalizing on a double-bottom pattern with support around $1,545. It broke through key moving averages and targeted a move to $1,958, but the recent pullback caused it to abandon the uptrend at $1,868. However, if support holds at the double-bottom pattern neckline, Ethereum could make a stronger move towards breaking the coveted $2,000 level. The Relative Strength Index (RSI) remains in the overbought region despite the correction, indicating a bullish outlook.
Hot Take: Analysts Remain Bullish Despite Recent Dips
The recent declines in the crypto market have raised concerns among investors, but analysts believe there are still opportunities for profit. Dips in prices can be seen as a chance to buy more and take advantage of the ongoing bull run. Ethereum’s price, although experiencing a pullback, remains on track to reach $2,000. The overall sentiment is that altcoins may correct by 10-20%, offering an opportunity for investors to enter at lower prices. Despite the volatility, analysts remain optimistic about the future of cryptocurrencies.
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