Both the price of Bitcoin and Ethereum are being hit hard. We are in a wave of volatility that is forcing traders to readjust their short-term expectations.
One of the options to make a profit mining cryptocurrencies is to join pools to mine Ethereum or any other. However, now is not one of the best times, since on February 17 the price of Bitcoin fell below 40,000 USD (about 35,146.29 euros) and Ether failed to stay at 2,900 USD (about 2,548.55 euros). euros), data that increases the possibility of a fall to 2,500 USD.
Ether falls to an intraordinary low of $2,752
According to data provided by Cointelegraph Markets Pro and TradingView, Ether was hit by a wave of selling that dropped its price to an intraordinary low of $2,752. Analysts expect further declines in Ether price in view of the global tensions that continue to rise.
“Crypto Tony”, a pseudonym used by this cryptocurrency trader on Twitter, posted the following chart discussing the support and resistance areas to watch out for. “$3,900 is still the most important zone for me, and if we convert it, I think the bottom is in… Pull back from that zone or miss it at all and we are heading towards my main target of $1,700 ,” the trader said.
ETH/USD 1-day chart
Price at “super trend” resistance level
A more bullish view was offered by the pseudonymous market analyst “IncomeSharks” on Twitter, posting the chart below indicating that Ether is now in a significant resistance zone.
“Ether right at supertrend resistance. Since it is flat, it usually has a better chance of breaking out to the upside and turning bullish. If it turns to the upside I think $2,900 to $3,000 would be next ,” IncomeSharks said.
ETH/USD 4-hour chart
New falls are projected
On the other hand, the pseudonymous trader Pentoshi on Twitter, showed a vision of what could happen to Ether and the altcoin market in general, in the event that it fails to maintain the current level.
“I will take note that there is local strength here as it held its lows, but overall still higher lows. The trend is bearish. If those lows are broken then most altcoins will fall hard,” Pentoshi said.
ETH/USD 1-day chart
At the moment the total capitalization of the cryptocurrency market amounts to 1,899 billion USD, with the dominance rate of Bitcoin being 41.4%.