The weekend just started and most of the crypto assets initiated a downtrend, as seen in major of them currently. The top two assets, Bitcoin and Ethereum price are experiencing a notable drain. The plunge is not huge, yet impacts the other altcoins within the crypto space, either positively or negatively. Yet with the end of the weekend, the BTC price & ETH price could witness a significant rally.
Bearish Cloud Surround Over Ethereum(ETH) Price
The Ethereum price is currently witnessing a notable drain in the past couple of hours, with a huge selling pressure mounted. A couple of days before, the asset was trending healthily within a symmetrical triangle. Yet currently, the asset is said to be on the foothill of a breakdown to lower levels. ETH price with a notable plunge is testing some crucial levels which are the resistance flip support levels.
However, on the other side, Ethereum price was just $400 at the same time a year before. And rising nearly 10x in a year’s time is an eye-catching price movement. Moreover, the ETH addresses with at least 0.1 are ranging to their peak with more than 6 million addresses. And hence, analysts believe Ethereum to be one of the best investments of the decade.
Yet, after extreme sell-offs, the asset is attempting to rebound considerably. A notable amount of traders have jumped in the trade to grab the asset at a discounted price. And hence the asset may exhaust the weekend and attempt to range back to its previous highs. However, in the coming week, the ETH price may not pull an extreme leg up, yet attempt to higher the support levels, flipping the resistance.
Bitcoin(BTC) Price May Also Tremble Down
Bitcoin price has already initiated a substantial dump since the start of the current trading day. Moreover, the price is following a descending channel that may test lower levels before making an attempt to propel higher. Yet in the short term, the BTC price may experience a slight plunge as the Whales appear to liquidate their holdings.
As per the data put up by the analyst, the whales are constantly accumulating their BTC holding in the exchanges. This could be pretty scary as the whales usually do not hold on exchanges rather hold on wallets. And if they intend to liquidate their holdings then the Exchange Whale ratio increases. And interestingly it’s at its peak at the press time.
Collectively, the top 2 crypto assets Bitcoin and Ethereum, both are on the brink of a notable downtrend. Moreover, ETH price could experience a rebound soon than that of BTC. If the Exchange whale ratio falls to a notable extent, then a substantial push for the BTC price is close to initial resistance at $64,000.