Cryptocurrency traders argue that Ether’s next move is crucial not just for Ether itself, but for Bitcoin as well.
Ether is holding tight to a critical support level and is at a tipping point that could lead to a decline below $2,800 if it fails to hold, according to crypto traders.
“Ethereum is holding onto the crucial area of support,” MN Trading founder Michael van de Poppe wrote in an Aug. 3 X post. Van de Poppe further explained that if it fails to maintain the level, it may impact Ether
$2,346
around a further 4% and push Bitcoin
BTC
$53,765, which is trading at $60,717, further down into an uncertain range for traders.
“If this is lost, Bitcoin is likely going to test $60K and Ethereum will test
Other traders also suggested that Ether’s price might drop below $2,800 before any recovery begins.
“The only other level which seems price could go before a full blown reversal would be around $2.7k,” pseudonymous crypto trader Crypto Wealth wrote.
“At this point, the price should sweep the 2800 lows and test the weekly demand, $2500-$2700,” pseudonymous crypto trader Poseidon added.
Ether is currently trading at $2,885 at the time of publication, down 11.09% since July 28, according to CoinMarketCap data.
A slight decline to $2,800 will wipe out $259.46 million in long positions, according to CoinGlass data.
Given Ether’s current volatile range, van de Poppe pointed out that there’s also potential for a rebound in the near term.
“If that doesn’t happen and we rotate back up from here, it’s party time,” he stated
This comes after a week of spot Ethereum ETFs oscillating between inflows and outflows. The overall net amount from July 29 to Aug. 2 was outflows totaling $169.4 million, according to Farside Investors data.
On Aug. 1, Katalin Tischhauser, head of investment research at Sygnum Bank, told Cointelegraph that spot Ether exchange-traded funds could amass as much as $10 billion in assets under management within their first year of trading.
Source:- COINTELEGRAPH
