Cryptocurrency traders argue that Ether’s next move is crucial not just for Ether itself, but for Bitcoin as well.
Ether is holding tight to a critical support level and is at a tipping point that could lead to a decline below $2,800 if it fails to hold, according to crypto traders.
“Ethereum is holding onto the crucial area of support,” MN Trading founder Michael van de Poppe wrote in an Aug. 3 X post. Van de Poppe further explained that if it fails to maintain the level, it may impact Ether around a further 4%, and push Bitcoin (BTC) — which is trading at $60,717 — further down into an uncertain range for traders.
“If this is lost, Bitcoin is likely going to test $60K and Ethereum will test <$2,800 as the final big correction,” Van de Poppe claimed.
