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

  • Yuri Molchan
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    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

Ethereum Price May Soon Drop to $160, Crypto Analyst Claims
Cover image via 123rf.com
Contents

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
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.

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‘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.

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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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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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