Following a long period of sideways trading in the cryptocurrency markets, Bitcoin’s recent drop to $3,400 has led most major cryptos to dip and has caused one analyst to turn bearish on major cryptocurrencies like Ethereum (ETH) and Litecoin (LTC), despite many analysts recently being bullish on these cryptocurrencies.
It is likely that the direction these cryptocurrencies head next will be dictated by Bitcoin’s price action, as a break below $3,400 will lead the entire markets to follow suit and plunge.
Analysts Bearish on Ethereum (ETH) and Litecoin (LTC) in Short-Term
At the time of writing, Ethereum and Litecoin are both trading down slightly over 3%, with ETH trading at $103 and nearing its important psychological support level at $100, and LTC erasing some of the relatively large gains it incurred over the past week.
Earlier this week, when the markets were more stable than they currently are, some analysts saw Ethereum as having a strong bull case, as it had held steady above $100, validating this price as a strong level of support.
Despite this, ETH appears to be closely tracking Bitcoin’s price action, and if BTC decisively breaks below $3,400, ETH may not have enough buying pressure to sustain above $100.
Hsaka, a popular cryptocurrency analyst on Twitter, recently discussed ETH’s recent price action, noting that…
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