Bitcoin and Ethereum: performance price USD
We analyze the price of the two digital currencies that alone are responsible for more than 600 billion USD in investments: Bitcoin and Ethereum.
Bitcoin and Ethereum: USD Price Analysis
A closer look at the dollar price of Bitcoin and Ethereum, two highly volatile currencies that often drive the entire market.
Ethereum (ETH)
Three days ago, the well-known cryptoanalyst Nicholas Merten spoke about Ethereum (ETH).
As circulated by The Daily Hodl, Nicholas Merten of YouTube channel DataDash talked about how ETH might not be having a good period.
According to the analyst, negatively affecting ETH’s price trend will also be the bearish crypto market.
“The long-term ETH/USD pair still has a long way to go. We are only right 67% off [highs]we’re only down 82%, but if we’re doing something like a traditional bear market, it’s important to realize how big of a difference 82% is to less than all-time highs are, say, 90%.
The difference is huge, $870 down to about $500, and if we see again what we [saw] in previous bear markets, say [a] 92% correction or 94% correction, you are talking about ETH dropping to a few hundred dollars.
People really underestimate these percentage differences when measuring from top to bottom, they think “Oh, there can’t be too much of a difference between an 80% or 90% correction.” Well that’s a huge difference and I don’t know exactly when that timeline will be… Just looking at the price [of ETH], [it] looks weak.
We haven’t been able to clean up [the] $1,600 to $1,800 for Ethereum for months, more than six months now.”
While Nicholas Merten’s remarks may be true in the medium term, not everyone is of the same opinion in the long run.
ETH, according to Guy Turne, another established analyst from YouTube channel Coin Bureau, for example, will see appreciation in the long term.
What Guy Turne said about Ethereum is this:
“I guess the important thing about whether the reversal happens or not is that it’s not a big deal. I think a lot of maxis on both sides of the fence tend to get upset about that and stuff. . . . They have different roles. They do different things, that is [whether] ETH flips BTC or not, it’s not really a big deal as far as I’m concerned. ..
I personally think it’s likely to happen given the continued growth of the Ethereum ecosystem and how many people I think will use it in the future. And it will be one of those things that you will use without realizing it. I can only see Ethereum growing. I mean, it has so much market share right now.
It’s always evolving, it’s always finding new things, and we’ve already built this whole layer 2 ecosystem system on top of it. I really feel that Ethereum is going to be the base layer, the base chain.”
It’s constantly evolving, it’s constantly finding new things, and we’ve already built this whole level 2 ecosystem system on top of it. I really feel that Ethereum will be the base layer, the base chain.”
The current market price of Ethereum (ETH) is $1565.82 with a volume of $6.7 billion traded in the last day.
The ETH/USD currency pair has overcome the symmetrical triangle pattern and this will lead to fresh selling with a likely floor at $1560.
By crossing the fateful USD 1,560, Ethereum could collapse as low as $1,500.
This scenario is currently very unlikely, as between $1620 and $1680 we find strong resistance that will provide a shield against further declines.
Bitcoin (BTC)
As is the case with Ethereum (ETH), volatility appears to have eased for its big sister Bitcoin (BTC), but the currency faces uncertainty regarding its direction.
For every moment when the currency seems to go up around the corner there is a chart ready to say otherwise and this has been going on for some time.
At one point, the price of BTC against the US dollar traded in the range of $22,000 to $22,500, while lately the fluctuations have been greater.
Today, Bitcoin records a daily trading volume of $18 billion.
On the upside, if we consider the technical analysis, the run may start at the $23,250 crossing, while a decline in price is expected below $22,046.
Should even this last supportive bulwark be breached, Bitcoin could fall as low as $21,450.
Digital Gold is coming off a week in which it lost 7% of its value despite its market capitalization rising slightly.
Last year on this date, BTC was at $41,050 while Bitcoin’s fifty-two week price range is $15,505 to $48,163.
Even today, Bitcoin is not shining and stands at $22,429 down 0.029% in the last 24 hours.
