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Analysts Fear an Ethereum Drop to $300 As Price Becomes “Heavy”

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  • Ethereum has begun to drop over the past 24 hours as the asset was once again rejected at $400.
  • $400 is a psychological and technical resistance for the leading cryptocurrency, which is still up 50% in the past two weeks.
  • Analysts believe that the recent price weakness could be a precursor to a stronger retracement in the days ahead.
  • One commentator is predicting a drop to $300.
  • This purportedly lines up with important technical levels on Ethereum’s medium-term chart.
  • Investors in ETH should watch Bitcoin and other markets for some directionality moving forward.

Ethereum Could Soon Drop Further, Says Analyst

Ethereum is setting itself up for a larger drop in the days and weeks ahead, say analysts as ETH bleeds lower. As the cryptocurrency slid to $380 on Friday morning, one analyst shared the chart seen below depicting this sentiment.

It shows that ETH is currently setting up for a retracement towards the pivotal $300 level. He says that this would line up with the “Fibonacci and horizontal confluence.”

Chart of ETH's price action since the start of the year with analysis by trader "Vast" (@Cryptovast on Twitter). Chart from TradingView.com

The expectation of a move towards $300 for Ethereum was echoed by another trader, who said that the asset remains below a macro range high.

“Im only considering 12k+ btc prices once it closes convincingly above the HTF mid range.  Until then, expecting lower prices to get back fully into bitcoin and possibly eth,” the analyst wrote discussing how ETH could move lower.

All Eyes on Bitcoin

While Ethereum may have this technical case for the downside, it’s important to watch Bitcoin. In bear trends, it can be BTC who leads the market lower.

As it stands, most analysts remain cautiously bullish on Bitcoin. The leading cryptocurrency has held pivotal support levels during the recent drop, maintaining $11,500 most importantly.

Analysts say that $11,500 is literally the most important level for BTC in its history. The asset managing to close the weekly candle above $11,500 in approximately two days should cement that the uptrend is intact.

Commentators are also bullish on Bitcoin for fundamental reasons.

The ongoing stimulus talks in the U.S. are currently in turmoil, though a plan will come through eventually. That bill will mark the latest handful of trillions in dollars printed/debt issued, boosting the value of scarce assets like gold and Bitcoin.

As Dan Morehead and Joey Krug of Pantera Capital wrote in March: 

“Now that we’re in the trillions, the deficit just simply has to have a positive impact on the price of things not quantitatively-easable — stocks, real estate, cryptocurrency relative to the price of money. Said another way, the BTC/USD cross-currency rate will rise.”

How exactly BTC is affected by the next stimulus, though, remains to be seen.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingVIew.com
Analysts Fear an Ethereum Drop to $300 As Price Becomes "Heavy"





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Ethereum

Germany commemorates Euro 2020 soccer team with NFTs

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The German Football Association (DFB) has officially announced the debut of national soccer team nonfungbile tokens (NFTs) in partnership with a major blockchain-based fantasy soccer game provider Sorare.

As part of an official license agreement, the DFB will create digital collectible cards on the Ethereum blockchain of 18 players on the German national team through Sorare’s platform. According to an announcement from Sorare, the cards will be available for use in Sorare’s Global Fantasy Football game for the Euro 2020 soccer championship.

By issuing player NFT cards on Sorare’s platform, the DFB aims to find new revenue streams as well as provide more fan engagement opportunities, particularly as COVID-19-related restrictions have resulted in limited game attendance in recent months. 

Related: Crypto fan tokens a mixed bag for game-deprived soccer fans

“Especially in the Corona pandemic, digital offers were and are the only way to enter into direct exchange with our fans. But even though the Corona crisis will hopefully soon be over, we want to continue to use the possibilities of digitalization much more intensively, also with our partners, and offer our fans new interactive opportunities,”  said Holger Blask, the DFB’s managing director of marketing and sales.

Founded in 2018, Sorare is a global fantasy football game that allows users to play with officially licensed digital cards featuring 140 football clubs including Liverpool, Real Madrid, Bayern Munich, Juventus and PSG. Last week, the French Football Federation launched its own series of player NFTs prior to the team’s match against Germany.