Ethereum

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The post <a href="https://coinpedia.org/price-analysis/is-ethereum-about-to-take-a-massive-drop-heres-why-eth-price-could-drop-by-70/">Is Ethereum About to Take a Massive Drop? Here’s Why ETH Price Could Drop By 70%</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The volatility has made its way into the markets with the selling pressure mounting over the crypto space. After a long fight, the bears are close to dragging the levels below the crucial support as the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">ETH price</a> is trading in and out of $3000. With new bearish clouds looming over the markets, it will be more interesting to see whether the bulls can provide a solid foundation or the bears can squeeze profits! 
Previously, it was believed that the ETH/BTC pair, which was gaining strength, was a clear indication of altcoins growing stronger than Bitcoin. However, a recent analysis suggests that the ETH price against USD or USDT drops heavily whenever the ETH/BTC pairs face rejection from the interim highs. Now that the ETH/BTC is falling under acute bearish pressure, will the ETH price recover from the recent losses? 
A popular analyst, <a href="https://twitter.com/intocryptoverse/status/1788062766835585397" target="_blank" rel="noreferrer noopener nofollow">Benjamin Cowen</a>, referring to both pairs, believes the descending trend could soon knock in the ETH price.&nbsp; 
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The analyst refers to the weekly ETH price chart against the USD and compares the ETH/BTC’s variation. He marks the times when the ETH/BTC breaks down and indicates that the ETH price against USD encountered a 70% drop simultaneously. Now that the ETH/BTC has faced rejection, the analyst predicts a similar price action. He says, 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “The last 2 times that ETH/BTC broke down, ETH/USD then dropped approximately 70%. In a world where everyone has been preaching Alt Season for the last 2.5 years into a BTC dominance uptrend, I thought I would remind people that there is still downside risk,” 
</blockquote> 
With this, the analyst sheds light on the possibility of the altseason being differed as there is still more room for the price to go down, probably below $2000. If this happens, the Ethereum (ETH) price may offer a lifetime opportunity to accumulate as the 5-digit price target continues to prevail for the rally in the long term.&nbsp; 
Also Check Out : <a href="https://coinpedia.org/price-analysis/ethena-token-jumps-18-this-week-can-ena-price-reclaim-1/">Ethena Token Jumps 18% This Week! Can ENA Price Reclaim $1?</a>

Is Ethereum About to Take a Massive Drop? Here’s Why ETH Price Could Drop By 70%

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