Altcoins

Bitcoin and Ethereum Enter Correction Phase, How Low Will BTC & ETH Price Plunge?

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Apr 7, 2022

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Bitcoin finds some amount of comfort after facing a continuous sell-off for two days. After enjoying a bullish momentum in the second half of March, Bitcoin price saw a decline below $45,000 since the start of April.

As the flagship currency is presently trading around $43,800, the currency has managed to surpass its immediate resistance at $43,800 and is strongly headed towards its next resistance at $44,000.

Meanwhile, along with Bitcoin, the second-largest crypto by market cap, Ethereum too faced downfall and broke $3,200. The lead altcoin also tested $3,150 before gaining its $3,200 level.

At press time, Ethereum is trading at $3,247 with a fall of 1.92% over the last 24hrs. The immediate resistance lies at the $3,300 level.

Also Read: Top ETH Whales Are Buying These Altcoins As Crypto Market Plunge Hard

Analyst Predict Corrections For Bitcoin & Ethereum

Santiment, an analytics firm, throws light on a key indicator that might signal an end to the recent cryptocurrency rally. The analytics firm is of the opinion that the profit-to-loss ratio for both Bitcoin (BTC) and Ethereum (ETH) is huge in the last six months and says this suggests a correction in the coming days.

The data firm, Santiment also claims that on social media there were a lot of discussions regarding buying the dip in the midst of Bitcoin’s bearish pull.

The Analytical platform, while talking about Ethereum, said that a significant reduction in transaction fees might be the reason for the Ethereum price surge.

At the end, Santiment stresses Litecoin (LTC), a peer-to-peer virtual currency and says the whales have accumulated altcoins in large numbers.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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