Bitcoin has dropped below $40,000 to begin the weekend, extending recent losses in cryptocurrency markets. On Saturday, ETH was also weaker, reaching its lowest point this week in the process.
Unlike bitcoin, Ethereum appears to have found support to begin the weekend, after plummeting to its lowest level in the previous seven days. ETH/USD is likely to hold gains above the support level of $2500 as the price faces the resistance level of $2700. At the time of writing, the Ethereum price is recovering above $2600
The second largest cryptocurrency by market cap touched an intraday low of $2,693 earlier in the day, but losses have since eased, and Ethereum is now trading at $2,669.
Bearish Blues For Ethereum (ETH) Soon?
On March 4, long-time trader Peter Brandt issued a negative forecast for Ethereum (ETH), the second-largest cryptocurrency. His diagram depicts the formation of a symmetrical triangle.
As the market continues to make a sequence of higher lows and lower highs, this is a bearish chart formation with two converging trend lines that are going closer to each other.
Millennial traders, whom Brandt dismisses as living in their “mommy’s basement,” are urged to remind him of the bearish call three years from now.
Cheds, a well-known bitcoin trader and expert, concurs with Brandt’s assessment. He goes on to say that if Bitcoin, the largest cryptocurrency, falls below $40,000, “nothing will survive” in the short run. Over the last 24 hours, the crypto king has lost 5.25 percent of its value, falling below $41,000.
Some, on the other hand, were eager to point out Brandt’s dubious track record in predicting bitcoin prices. Some of his predictions turned out to be “terrible.”
Written by: Nidhi Kolhapur
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