Price Analysis

Ethereum Price Primed to Drop to $1300 While Bitcoin Flashes A Buy Signal

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 10, 2022

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Article Highlights
  • Bitcoin & Ethereum price is swinging around $23,000 and $1700 respectively but indicating a contrast signal

  • While ETH prices are expected to slash hard, BTC price is on the verge to break out of the narrow consolidation

With the fresh price slash within the crypto space, the global market cap is yet again feared to drop below $1 trillion. The 24-hour trading volume also plunged heavily by more than 15%, while the stablecoin’s volume constitutes more than 92% of the entire crypto volume. The market trends are sliding down with the Bitcoin dominance dropping to 40.50%. 

In such a depleting trend, the top 2 cryptos Bitcoin & Ethereum prices have also been impacted adversely. Both the top assets are showcasing some signs of recovery, but as per some predictions, the ETH price is primed to hit $1300 while the BTC price flashes a ‘buy’ signal. 

A popular analyst, Ali Martinez shared his views on these two assets for the upcoming days. According to him, the ETH price is primed for a correction to $1300 on a 3-day chart. As the asset smashed the upper band of the Bollinger Band and the RSI also hit the key resistance. 

ethchart

Therefore, the probability of the RSI facing rejection is pretty high, dragging the price lower. However, if the levels surpass the key resistance, then the bearish narrative may be invalidated. On the other hand, the analyst sees a buy signal at key support with the BTC price as a sequential indicator that turns bullish. 

btcchart

However, the lower support at $23,890 should be closely watched as a 4-hour candle stick above these levels may trigger a huge upward trajectory towards the next target. On the contrary, a steep correction below these levels can trigger a steep correction. 

Collectively, the upcoming couple of days could be extremely crucial for the entire crypto space as the top 2 cryptos currently remain pretty uncertain. However, Bitcoin’s (BTC) price could settle within the bullish range with a daily close above $24,800. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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