There have been several speculations around the price of Ethereum lately. Several analysts have said that the top altcoin has lost its long-term potential. Among them is the Bitcoin supporter Max Keiser who believes that Ethereum will go down to $90. However, a well known Chinese crypto influencer has recently expressed her bullish stance on Ethereum despite its falling price.
Ethereum: Analysts Speculations
Earlier this week, a Twitter user, Patrick McCorry, compared the similarities of a previous bitcoin dump from $1,200 to $175 in 2015 to that of Ethereum’s flatline in which the price of ETH has similarly dropped from $1,000 to $107 this year. This analysis was used to support the notion that as BTC and ETH showed correlating stances, ETH too, just like BTC, has a great chance of resurrecting towards its previous all-time-high. This conclusion was made by a Twitter user going by the name Patrick McCorry.
Further, just as the microanalysis began to gain some traction and stir up arguments and opinions, Twitter user Dovey Wan, founding partner at Primitive crypto also weighed in on the prediction. The view expressed that ETH has entered its first major bear cycle and it may take a longer time than expected before the popular cryptocurrency resurrects. Concluding this opinion, Dovey predicted that the underway bear market would instigate a massive sell-off which will eventually ease out in the long run.
— Dovey Wan 🗝 🦖 (@DoveyWan) September 10, 2019
Charts Show How Ethereum Is Trailing BTC
Supporting the analysis, one comment on the thread simply revealed, using price charts, the similarities between 2015 BTC price movement and that of 2019 ETH price movement which seemed to show correlating curves.
However, a lot of the community members were not convinced with Patrick McCorry’s hypothesis. They said –
Ethereum is trading at $180 at press time, which is 12.5% of its ATH of $1432. Bitcoin, on the other hand, is trading at $10,253, which is about 50% of its ATH of $20,089.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com