It looks like Ethereum (ETH) is going to follow Bitcoin (BTC) which recorded a price fall for the third session in a row. The value of ETH, however, goes down much more rapidly as since yesterday the price of the coin has dropped by over 10%. What comes next?
The whole cryptocurrency market in red. Bitcoin (BTC) fell by 5%
Bitcoin (BTC), the lead cryptocurrency, if falling for the third session in a row. And even though at the weekend the price of BTC reached as much as $10,000, it is slowly approaching the level of $9000 at the moment. Since yesterday's highs, the decline is close to 5%, and since Monday close to 8%.
Strong, unceasing declines of the oldest cryptocurrency are the reason of altcoin's depreciation. The charts show that...98 out of 100 the largest cryptocurrencies, noted declines today. The declines were, on average, a few to even several percent. Consequently, the market capitalization of cryptocurrencies has shrunk by about 20 billion dollars since yesterday, and by more than 30 billion since the beginning of the week. At the moment, it is barely over 260 billion dollars - the least in three weeks.
Ethereum (ETH) falls quickly. A 10% fall in 24h
In the past, when Bitcoin corrected and did not maintain key support levels, altcoins in most cases capitulated. Ethereum (ETH) also did not manage to avoid recent declines in the cryptocurrency market. In comparison to BTC, the second largest coin goes down much more rapidly.
The ETH price equals only $238 at the moment. The reason is a drop of 10.4% from yesterday's highs at the level of $265. On a weekly basis the depreciation equaled 14.9%. Since this year's highs (from the 15th ofFebruary) at the level of $287, ETH has dropped by over 17%.
As analyst and trader, Satoshi Flipper, highlights, Ethereum is "hopelessly" associated with its older brother, Bitcoin. He is not the only one, as other analysts have noticed this correlation as well, even despite the hope that ETH will start to be distinguished from BTC.
Crypto Michael, an analyst and trader popular in the cryptographic industry, indicates on the other hand, that Ethereum had 9 green weeks in a row, rising then from $116 to $288 only. According to the analyst, going back is more than healthy before making a next move.