With the fresh price slash within the crypto space, the global market cap is yet again feared to drop below $1 trillion. The 24-hour trading volume also plunged heavily by more than 15%, while the stablecoin’s volume constitutes more than 92% of the entire crypto volume. The market trends are sliding down with the Bitcoin dominance dropping to 40.50%.
In such a declining trend, the prices of the top 2 cryptos Bitcoin and Ethereum have also been adversely affected. Both the top assets are showing some signs of recovery, but according to some forecasts, ETH price is likely to reach $1300 while BTC price is giving a ‘buy’ signal.
A popular analyst, Ali Martinez shared his views on these two assets for the upcoming days. According to him, the ETH price is primed for a correction to $1300 on a 3-day chart. As the asset smashed the upper band of the Bollinger Band and the RSI also hit the key resistance.
Therefore, the chances of the RSI facing rejection are very high, causing the price to move lower. However, if the level crosses the key resistance, the bearish narrative may be invalidated. On the other hand, the analyst sees a buy signal at key support with BTC price as a gradual indicator turning bullish.
However, the lower support at $23,890 should be closely watched as a 4-hour candle stick above these levels may trigger a huge upward trajectory towards the next target. On the contrary, a steep correction below these levels can trigger a steep correction.
Collectively, the coming few days could be extremely crucial for the entire crypto space as the top 2 cryptos are currently very uncertain. However, bitcoin (BTC) price may settle within a bullish range with a daily close above $24,800.
