Considerable declines have rocked the crypto market for the first time since the October rally started, led by Bitcoin price drop from $35,000 resistance, down 2.2% to $33,977. Ethereum price was not spared, as it encountered headwinds, sliding below support/resistance at $1,800 to trade 1.3% lower on the day to $1,773.
The total market value suffered a 2.1% dip to $1.29 trillion due to altcoins taking a major hit. For instance, Solana is down 6.4% to $31, Chainlink is down 5.2% to $10.53 while Bitcoin Cash dodders at $243 after its market value fell 5.1% in 24 hours.
Are Ethereum Price Dips Profitable?
The first major dip since the uptrend started early last week has many analysts and investors wondering if dips could turn profitable. Analysts like Rekt Capital believe that dips offer investors opportunities to fill their bags as the bull run continues. Altcoins in particular are expected to have bursts of bullish moments and considerable corrections.
A #BTC breakout to new Yearly Highs opens up Money Flow into Altcoins
So even if you missed the $BTC breakout…
You can make up for it and then some by playing the Altcoin breakouts
There is always another opportunity around the corner#Crypto #Bitcoin pic.twitter.com/TvF7Gu6jfW
— Rekt Capital (@rektcapital) October 25, 2023
Altcoin Sherpa, a renowned trader and analyst shared a similar sentiment earlier today asking investors “to be cognizant about what the start of a really strong rally looks like.”
Although I always try to preach patience, you also need to be cognizant about what the start of a really strong rally looks like. I’m not saying this is anything close to 2021 but it’s still good to note what this spark looks like
Check $LUNA $AVAX: no pullbacks, just big moves pic.twitter.com/ay5he7KQac
— Altcoin Sherpa (@AltcoinSherpa) October 26, 2023
He added in another post on Twitter (now X) that there was the likelihood of altcoins correcting by between 10-20%. “I think that is still possible and valid,” he added.
I’m still waiting for alts to pull back 10-20%, I think that is still possible and valid.
And before anyone says I’m sidelined, I’m always fucking max long and have the majority of my networth in crypto. It’s been that way since I went full time and I don’t expect it to change.
— Altcoin Sherpa (@AltcoinSherpa) October 26, 2023
Ethereum Price Prediction: ETH Still On Course To $2,000
Ethereum started the rally by capitalizing on a double-bottom pattern with support roughly at $1,545. Subsequent steps above key moving averages like the 21-day Exponential Moving Average (EMA) (red), the 100-EMA (blue), and 200-EMA (purple).
The breakout from the double-bottom pattern targeted a 12.25% move to $1,958 but the pullback on Thursday saw Ethereum price abandon the uptrend at $1,868.
If support at the double-bottom pattern neckline holds, Ether would be in a position to make a stronger move, possibly above the coveted $2,000 blockade.
The position of the Relative Strength Index (RSI) in the overbought region despite Ethereum’s correction from October highs, affirms the bullish outlook. In other words, bulls are likely to resume the uptrend as opposed to bears taking over and pushing for lower prices below $1,700.
All three moving averages, starting with the 200-day EMA at $1,711, the 100-day EMA at $1,648, and the 21-day EMA at $1,658 would be in line to absorb the selling pressure to give bulls a chance to push for another rebound.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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