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.
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.
$ETH #ETHEREUM— Crypto Michaël (@CryptoMichNL) October 1, 2019
On the $USD pair; looks like a bearish retest of the $183 area, while $BTC pair is also acting in resistance zone.
If breakdown, retest of the $155-160 area is likely inside this massive wedge structure.
Flipping $183 would make a bullish outlook. pic.twitter.com/i625X6Wvyw
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.
‘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.
When #altcoins are completely decoupled from #bitcoin, we will see market stability, rapid adoption, & that’s when the institutional investors will join the game. #BTC dominance shouldn’t be more than 30%. Industry can never grow only with one. BTC can’t do what #XRP & #ETH do.— ₿ob Ras (@bobrasX) October 1, 2019