Analyst: Ethereum Faces More Challenges Than Bitcoin, Urgent Breakout Needed to Rise!
Experts have shared their predictions for the future of Bitcoin and Ethereum as both cryptocurrencies continue to experience a downward trend despite positive economic indicators. According to FxPro senior market analyst Alex Kuptsikevich, the recent strengthening of the dollar and a decrease in demand for risky assets are contributing to the decline in Bitcoin prices. He emphasized the importance of Bitcoin breaking through the 50-day moving average to avoid further losses.
Additionally, Japanese crypto exchange BitBank analysts highlighted the role of miners in the current BTC price decline, noting that miners are selling off their holdings to secure cash. This trend has put pressure on the Bitcoin price, although it has managed to remain relatively stable.
In contrast, Rachel Lin, CEO of SynFutures, expressed concerns about Ethereum’s performance compared to Bitcoin. Lin pointed out that Ethereum is facing a more challenging situation and needs to reclaim the $3,700 level soon to avoid further downside.
While Bitcoin is hovering around the critical $67,000 level, analysts remain cautiously optimistic about its long-term outlook. However, the overall consensus is that both Bitcoin and Ethereum are in a downward trend, with ETH facing more significant challenges than BTC.
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