Crypto Warning Is Issued For Ethereum And Solana Traders | CryptoGazette
https://ift.tt/Zx7iIde
It’s been just revealed that there has been a warning issued for Solana and Ethereum traders. Check out the latest reports about all this.
The crypto market is slowly but surely recovering following the latest corrections.
It’s been just revealed that there is a closely followed crypto analyst who is warning traders that smart contract platforms Ethereum (ETH) and Solana (SOL) are poised to resume their downtrends.
ETH at risk?
Pseudonymous trader Pentoshi said that the inability of bulls to push Ethereum above the resistance of $3,100 puts ETH at risk of revisiting its macro range lows below $2,000.
“ETH for now bera retest from [the] underside after a 50% bounce from $2,200. Can we get the bearlin wall? March is the key to all.”
Pentoshi addressed the possibility that the Federal Reserve will increase interest rates in March to tame inflation.
The crypto strategist suggests the fact that traders should practice caution in the coming weeks as there’s a lot of uncertainty in the macro-environment.
“Ball in Fed’s court. I still truly believe having caution for March is strongly warranted. This market isn’t going anywhere. The situation the Fed is in is unprecedented, and we are yet to know how these changes will truly impact markets. Just be safe. That’s it.”
The analyst also addressed Solana, and he said that he expects SOL to revisit $80 after rejecting at $120. A move below $80 will likely drive Solana down to $50, according to the analyst.
“Let’s build some decent market structure for the year ahead and fill out the areas where no support was formed.”
Regarding ETH, it’s been also revealed that there are all kinds of optimistic predictions about the price of the most important digital assets these days, and Ethereum is the star of the moment. It’s been revealed that the second coin in terms of the market cap could have a larger market cap compared to Bitcoin.
According to the latest reports, there is an analyst from banking giant Morgan Stanley says that Ethereum (ETH) could ultimately have a larger market than Bitcoin (BTC).
Cryptocurrency
