The crypto market is easily swiped by bearish pressure due to the high number of speculators and nervous investors. When digital assets turn red, they can easily go on freefall. Unfortunately, the same cannot be said about gaining.
Going up, digital assets suffer to fill sell orders, lack volume, and face multiple resistances and pullbacks. Ethereum, the biggest altcoin, and price trendsetter face the same fate following the weekend price crash.
During the weekend, Ethereum went into freefall as it followed Bitcoin’s trend. With the two bleeding, the entire market turned red and managed to wipe out more than $25 billion. For Ethereum, pressure mounted after it slipped below $200. Higher support at $190 was expected to hold, but the bears have proven resilient.
Now at the $185 support, Ethereum faces an uphill battle to get back above $200 and into recent highs. Since dropping, Ethereum seems to be holding up well above $185. This will give investors confidence to accumulate and look to get prices bullish once again.
Unfortunately, this is not looking possible in the short term. Although Ethereum will look to correct and get back above $190, it faces strong resistance in its climb above $200 before turning full bullish.
Bitcoin was set to be the trigger for a wide market rally. This has turned out differently with Bitcoin now leading the market downwards. The halving, which is now expected in the next couple of hours has failed to inspire a rally leaving altcoins in the red.
If a belated Bitcoin rally occurs, this will be singled to Bitcoin with Ethereum enjoying moderate gains, if any. Altcoins are likely to suffer if Bitcoin enjoys a belated rally as investors scramble to exit altcoins and enter Bitcoin for gains.
Ethereum 2.0 To Offer Boost
If there are no further delays, Ethereum 2.0 is set to be released in July. This is set to offer a major boost to Ethereum prices as the project looks to reclaim its title as the king of DApps. Leading to the event prices are likely to pump and see the altcoin attempt to reach new highs.
