en.bitcoinsistemi.com
This week has been a bad one for Bitcoin and altcoins. The market, which started the new week with a major decline, experienced a major decline yesterday.
BTC fell to $108,000, while Ethereum ($ETH) fell to a two-month low of $3,900.
While investors expect these declines to be the final ones before the October bullish month known as Uptober, veteran crypto analyst Ted Pillows warned that $ETH could fall even further.
Sharing his $ETH analysis from his account X, the analyst argued that the decline in Ethereum could continue and that it could possibly drop to $3,500 before starting to recover.
The analyst, who stated that Ethereum's current movements mirror Bitcoin's 2020 cycle, which saw it drop 25-30% after rising above $20,000, claimed that $ETH could also fall another 10-15%.
At this point, the analyst said that $3,800 is currently critical in determining Ethereum’s short-term direction.
Stating that $3,800 is an important support level, the analyst stated that if the $3,800 level holds, a new rally may begin in Ethereum.
On the other hand, if this level is not held, the $ETH price may decline towards the $3,500 region.
“$ETH has lost another key support level.
The next support level is around the $3,800 level, which is likely to be retested.
If Ethereum holds this level, a rally is possible.
Otherwise, $ETH will drop to around $3,500 before bottoming.”
*This is not investment advice.