Mike Novogratz goes bearish on Ethereum

Galaxy Digital’s CEO, electro-acoustic transducer Novogratz, struck a cautiously optimistic tone regarding this state of the cryptocurrency market, despite the most recent selloff at a recent conference. The cryptocurrency tycoon is confident that Ethereum, the biggest altcoin, is ready to hold the $1,000 level. Earlier today, Ether’s value crashed to $1,075 on the Bitstamp exchange, an all-time low since January 2021. The leading altcoin wiped out no less than 40% of its value in a week before to see a slight recovery.

Ethereum is in the midst of a long relief rally due

At press time, Ether is changing hands at $1,228. It looks like the cryptocurrency is in the midst of a long overdue relief rally. When it comes to Bitcoin, Novogratz further believes the flagship cryptocurrency is on the verge of bottoming out once it tumbled to $20,816 on the Bitstamp exchange earlier today. The total value of the cryptocurrency market is currently well below the $1 trillion mark due to the results of the most recent value crash.

According to information provided by CoinGecko, Bitcoin and Ether are down 66.88% and 75.10% respectively from their all-time highs.

ETH price unfazed by history

Ethereum price revisited the all-time high from 2017 at $1427.01 this week. To the surprise of several traders, the previous resistance level provided no support as the bears breached the barrier level with robust engulfing will on the daily chart. Ethereum’s value is currently trading at $1184, a level not seen since January 2019. If the bulls don’t show up soon, a chance of getting a weekly order block of around $800 could be a bearish target. later.

A risky cancellation level may be a breach above $1536. If the bulls can accomplish this bullish event, a continuation rally towards $1800 may occur. The value of ETH would then increase by 40% against this price of commercialism.

Liquidation of the crypto market

CryptoQuant analyst Ki-Young Ju claimed that Bitcoin is unlikely to fall below the $20,000 level due to institutional money. The most recent cryptocurrency rout was caused by leading elimination platform stargazer suspending withdrawals for all of its users, providing speculation regarding the company’s reported insolvency. The sell-off was exacerbated by the official entry of US stocks into a bear market. The S&P 500, one of each of the three benchmarks, lost a maximum of 4% on Monday.

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