Ether falls in price amid bitcoin strengthening

by in Cryptocurrency News


The correlation between Ethereum and Bitcoin prices weakened, and cryptocurrencies began to move in different directions.

BTC continues to make new highs, trading above $ 13,000, while ETH, by contrast, has fallen below the critical level of $400. That is an alarming signal for the largest altcoin.

The capitalization of ether over the past 24 hours has decreased by 3% to $44.663 billion. Bitcoin is now trading at $13,141: its capitalization on Tuesday, October 27, exceeded 243.489 billion.

Analysts agree that the ETH rollback will continue. If negative dynamics persist, the next support level is expected at around $385.

Trending: International crypto regulation standards may appear in 2021

If buying resumes in the coming hours, then resistance will increase as the altcoin approaches $400.

At the same time, experts believe that traders can take advantage of the ether rollback to buy a coin on the most comfortable conditions for themselves. For example, Dmitry Lavrov, the founder of Tradeunity, advises waiting for the moment when ETH starts updating lows.

According to his forecasts, the coin could fall in price to $ 350-360, and this will be a convenient time to resume purchases.