{"id":58952,"date":"2019-12-20T05:30:16","date_gmt":"2019-12-20T03:30:16","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58952"},"modified":"2019-12-20T04:47:02","modified_gmt":"2019-12-20T02:47:02","slug":"analyst-convinced-ethereum-price-drop-38-percent","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/analyst-convinced-ethereum-price-drop-38-percent\/","title":{"rendered":"Analyst Near Convinced Ethereum Price to Drop 38%: Crypto Bears Remain"},"content":{"rendered":"<p>Ethereum hasn&#8217;t done too hot over the past week. According to cryptocurrency analytics site <a href=\"https:\/\/coin360.com\/\" rel=\"nofollow noopener\">Coin360<\/a>, ETH is down 13% in the past seven days, underperforming Bitcoin&#8217;s relatively mild 1.71% loss. The popular altcoin&#8217;s performance has been so poor that according to Bloomberg, since the start of this fateful year, the cryptocurrency is trading down some 1.3%.<\/p>\n<p>This underperformance has been attributed to two things:<\/p>\n<ul>\n<li>Prominent cryptocurrency trader Mati Greenspan, who founded Quantum Economics,\u00a0<a href=\"https:\/\/blockonomi.com\/proof-stake-cryptocurrencies\/\" rel=\"nofollow noopener\">told Bloomberg<\/a>\u00a0that he believes that Ethereum\u2019s relatively complex \u201ctokenomics\u201d may have contributed to a decline, citing the fact that the cryptocurrency has no supply cap, much unlike Bitcoin\u2019s hard limit of 21 million coins that will ever be mined.<\/li>\n<li>Over the course of the past year or two, a scam going by \u201cPlusToken\u201d has managed to procure millions of dollars worth of Ethereum and Bitcoin, which have begun to be liquidated on the open market. Although PlusToken owns more <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\">Bitcoin<\/a> than <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-ethereum-eth-news\/\">Ethereum<\/a>, chain analytics firms suggest, ETH is a less liquid market, meaning that mass liquidations could have had an adverse effect on the price trend.<\/li>\n<\/ul>\n<p>While -13% in a week&#8217;s time is already harrowing enough, prominent traders expect for this harrowing trend to continue.<\/p>\n<p>Byzantine General noted on Thursday that &#8220;the more I look at ETH, the more convinced I am that it&#8217;s going back to 80 dollars,&#8221; drawing attention to his chart which shows that the cryptocurrency&#8217;s price is currently trading below key supports, implying that a 38% drop is on the horizon.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It&#39;ll probably bounce around 105, but the more I look at <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$ETH<\/a>, the more convinced I am that it&#39;s going back to 80 dollars. <a href=\"https:\/\/t.co\/r4PxMMLAci\" rel=\"nofollow\">pic.twitter.com\/r4PxMMLAci<\/a><\/p>\n<p>&mdash; Byzantine General (@ByzGeneral) <a href=\"https:\/\/twitter.com\/ByzGeneral\/status\/1207826240054411269?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 20, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It isn&#8217;t only Byzantine General that sees harrowing signs on Ethereum&#8217;s chart.<\/p>\n<p>Per <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-price-verge-returning-100-bullish-fundamentals\/\">previous reports from this outlet<\/a>, Prominent trader \u201cTraderXO\u201d recently noted that the cryptocurrency is likely on a path to revisit double-digit prices, noting that it remains in no mans\u2019 land with no semblance of support nearby. He thus noted that his first short target is $115, then $100.<\/p>\n<p>https:\/\/twitter.com\/TraderX0X0\/status\/1206783662563450880<\/p>\n<h2><strong>Ethereum&#8217;s Future Dependent on Bitcoin<\/strong><\/h2>\n<p>While <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-eth-price-charts-latest-news\/\">Ethereum&#8217;s chart<\/a> may currently look harrowing, the performance of its price largely relies on Bitcoin&#8217;s directionality. As seen throughout the history of this market, not often do the charts of Bitcoin and altcoins diverge, for BTC&#8217;s trend is naturally what cryptocurrencies across the board follow.<\/p>\n<p>This then begs the question: how is Bitcoin&#8217;s price outlook shaping up?<\/p>\n<p>Apparently, it&#8217;s decidedly positive, meaning that ETH could see a bullish reversal too.<\/p>\n<p>Due to Bitcoin\u2019s strong 11% performance on Wednesday, the chart of the cryptocurrency posted a <span class=\"glossaryTerm\" data-title=\"Bullish\" data-content=\"A descriptive term borrowed from stock markets to describe a positive market outlook.\" data-url=\"\/glossary\/bullish\">bullish<\/span>\u00a0engulfing candle, indicative of a trend reversal then a continuation of the reversed trend. This candle also validates the existence of two\u00a0<span class=\"glossaryTerm\" data-title=\"Bullish\" data-content=\"A descriptive term borrowed from stock markets to describe a positive market outlook.\" data-url=\"\/glossary\/bullish\">bullish<\/span>\u00a0divergences between the price and the one-day Relative Strength Index and\u00a0<span class=\"glossaryTerm\" data-title=\"Moving Average Convergence Divergence\" data-content=\"A technical analysis tool used to forecast future prices by indicating the relationship between two moving averages to provide a metric for price momentum.\" data-url=\"\/glossary\/moving-average-convergence-divergence\">Moving Average Convergence Divergence<\/span>\u00a0(MACD).<\/p>\n<p>Also, BTC held the $6,500 level. $6,500 is notable as it is<a href=\"https:\/\/en.ethereumworldnews.com\/why-bitcoin-price-doomed-btc-loses-5800\/\"> around the bottom of a logarithmic growth channel<\/a> that BTC has maintained for eight years.<\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@r3dmax?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Jonatan Pie<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/dark?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum hasn&#8217;t done too hot over the past week. According to cryptocurrency analytics site Coin360, ETH is down 13% in the past seven days, underperforming Bitcoin&#8217;s relatively mild 1.71% loss. The popular altcoin&#8217;s performance has been so poor that according to Bloomberg, since the start of this fateful year, the cryptocurrency is trading down some 1.3%. This underperformance has been attributed to two things: Prominent cryptocurrency trader Mati Greenspan, who founded Quantum Economics,\u00a0told Bloomberg\u00a0that he believes that Ethereum\u2019s relatively complex [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":58972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[188,6971,83,219,7002,162],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58952"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=58952"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58952\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/58972"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=58952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=58952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=58952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}