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Ethereum Is Expected Rise As It Bounces off 385 USD Level

October 27, 2020

Ethereum

Talking Points:

  • Ethereum (ETH) has witnessed a 6% drop over the last 24 hours on the back of the stock drop.
  • The Dow Jones dropped 3% during yesterday’s trading session.
  • Experts believe that ETH might bounce, as the coin has climbed back to 390 USD.
  • One expert said that the coin is now trading above the crucial swing level at 390 USD.
  • ETH staying above this level is likely to trigger a recovery towards the 422 USD.

ETH Is Expected to head to Highs of 420 USD.

ETH has witnessed a 6% drop over the last 24 hours on the back of a retracement in the stock market. The Dow Jones index has dropped 3% during yesterday’s trading session due to uncertainty over the pandemic and the next fiscal stimulus package.

The cryptocurrency has recovered since the daily lows and ETH is currently trading at 392 USD, up by over 2% from the daily lows of around 384 USD.

Experts believe that this is a springboard for a move higher.

One expert shared the chart below, which highlights that the coin may climb towards 422 USD over the next few days. The chart shows that the bounce has moved the cryptocurrency above the crucial swing level at 390 USD. If ETH can stay above this level it could trigger a surge towards the 422 USD.

Chart of ETH’s Price Movements Last Week.

Ethereum
Chart created using https://www.tradingview.com/

Bitcoin (BTC) Continues Its Dominance.

The belief that ETH will surge, though, comes as BTC dominance has increased.

One crypto expert shared the chart below. It highlights BTC’s dominance, the percentage of the market share held by BTC, and is showing a large rounded bottom reversal to the upside. This could suggest that altcoins may underperform BTC moving forward.

He said that “Bagsybot is depressing right now. So many coins are making new all-time lows while $BTC is king with 90%. Alts have their days and alt season is a clear cut and dry thing. I like a good alt but experience has saved me dollars. There is a time and place for alts. It’s why there “seasonal”.”

Chart of BTC’s Dominance Over the Last Few Years.

Ethereum
Chart created using https://www.tradingview.com/

This might not impact ETH’s potential to outperform the USD, though. ETH can still surge against the USD but underperform compared to BTC in the near future.