Ethereum Price May Soon Drop to $160, Crypto Analyst Claims

Libra Coin News
Tue, 10/01/2019 - 13:46
Yuri Molchan
A crypto analyst says that unless the Ethereum price succeeds in passing the $183 level and surging further, it is likely to go down and retest the $160 level
Cover image via 123rf.com
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On October 1, the crypto market is in the green area, giving the bulls a break. Most of the major currencies are rising. Exceptions are XRP, Tether, BCH and XLM. 

Earlier today, the biggest price growth was demonstrated by Tron (TRX) and EOS.

Now, a crypto analyst suggests that Ethereum could be on track to test the $183 mark. 

However, unless ETH gets over that level successfully, it will decline to retest the $155-$160 zone, he says.

Image by Coinmarketcap

Ethereum may go down from the current $179 level

Analyst @CryptoMichNL has published screenshots of a few charts on his Twitter page, commenting that ETH looks like it is going to retest the $183 level. If it succeeds, then chances are high that ETH will continue its bullish rise.

However, the analyst points out that if ETH reverses and goes down, it may go as deep as the area of $155-$160.

The top ten crypto assets are spiking

Today, the crypto market reversed with the majority of altcoins now heading North and registering small price rises.

At the time of writing, these spikes have slowed down a little. Today’s leaders in the morning were Tron and EOS.

As reported by U.Today earlier, EOS showed a 10-percent growth on the news of Block.One finally settling down its regulatory issues with the SEC, agreeing to pay a fine of $24 mln for conducting a sale of unregistered tokenized securities between 2017 and 2018.

After Justin Sun announced the launch of the BTFS mainnet earlier today, Tron also showed an 11-percent price takeoff. However, the value growth of both coins has significantly reduced by now.

Related
Bitcoin Permabull John McAfee Gives Reasons Why BTC Will Hit $1 Mln in 2020: Forbes

‘BTC can’t do what XRP & ETH do’

In a recent tweet, the CEO of CoinField expressed an opinion that altcoins, Ethereum in particular, may ensure the market’s stability much better than now when decoupled from Bitcoin.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


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