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October 4, 2022
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Guide & Analysis

Bitcoin sinks more than $ 3,000, but ETH is still within HIGH

While Bitcoin is down more than 10% in less than 24h, ETH is still correcting within an upward trend.

Ethereum, which recently pursued its ATH after an impressive 2018 recovery, makes a correction but still above important supports.

The blue LTA indicates a rise after the ATH correction pattern and the price, even with Bitcoin falling more than $ 3,000 in 24 hours, remains above that zone.

This point is important for a trend change. The price must be above $ 1173 and LTA so that the trend remains bullish in H4.

ETH analysis still depends on Bitcoin movement

Even though the price of Ethereum has not followed Bitcoin in the fall with the same proportion, what happens there with the currency created by Satoshi Nakamoto still has a strong influence on most altcoins.

Bitcoin arrived in a critical support zone at $ 29,300 and ETH, to maintain itself, will probably depend on this point of Bitcoin.

Of course, sometimes, some projects remain independent from BTC, but in the vast majority of cases, Bitcoin takes the market and if that drop is really greater than we think (for example, being able to fetch $ 23k), then yes, it he must drag many other crypts with him.

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