Bitcoin (BTC) and Ethereum (ETH) jumped slightly after a brutal drop. Leading cryptocurrencies experienced a 4-5% return from Thursday’s lows.
However, Ethereum may continue its downward movement as techniques remain weak. Bitcoin is also seen as a cryptocurrency to track, as it can determine the price of altcoins. Therefore, their actions are very important at this stage.
Can See $ 300
Ethereum is poised to move lower after the leading cryptocurrency has experienced a strong bounce from its recent lows. Popular analyst SmartContracter comments on ETH:
“There is a wild sale across the market. In my opinion, ETH is currently the clearest of all time frames. I believe the 5 waves up from the lows are now complete, confirmed by 5 waves drop from the peaks at 4h, from here I will look for the upward moving shorts and act as the counter trend. ”
According to the chart prepared by the analyst, there may be a serious decrease in ETH towards $ 300.
It is the ongoing state of ETH futures, confirming the prospects for a short-term bounce. The funding rate of the leading ETH futures markets is currently somewhat negative, according to ByBt, a crypto derivatives follower.