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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Analyst Who Called Ethereum’s Drop to $200 Swings Long: Here’s Why

Nick Chong
Nick Chong
5 years ago
2 mins read
ethereum fall

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Today’s crypto market carnage, which brought Bitcoin under $8,000 and Ethereum under $200, caught most off guard. Case in point: over $200 million worth of Bitcoin positions (mostly longs) were liquidated on BitMEX during the move, and likely many more millions were lost on leveraged altcoin positions too.

There was one trader who called this crash, however, at least in the price of Ethereum. The person in question is TraderEscobar.

As reported by NewsBTC, at the end of February, when ETH was trading around $230, he remarked that the cryptocurrency was in the midst of a “red pill” scenario that could rapidly take the price of the asset to $200 without finding support.

And that it did, as Bitcoin fell through key support levels just last weekend, ETH fell even faster, falling through $220, $210, then $200, to only bottom around $197.

Interestingly, he’s flipped bullish on Ethereum. Here’s why.

Ethereum Could Bounce Here, Top Analyst Reckons

In an update to his Ethereum forecast published just hours ago (as of the time of this article’s writing), Escobar remarked that his “Area of Interest” was hit in the spike lower, adding that he expects some “nice upside for Ethereum in the short term” while pointing to a chart showing that ETH is likely to retest $230.

https://twitter.com/TraderEscobar/status/1236916326582472705

As to why he thinks such a bounce will take place, his chart indicated that around $200 exists the 0.5 Fibonacci Retracement of the December 2019 bottom at $120 to February’s $290, a key horizontal that has acted as both support and resistance, and the psychological level of $200 itself.

Escobar’s expectation for a bounce has been echoed by Bitcoin analysts, who also think that the crypto market may soon see some much-needed relief after the weekend’s brutal price action.

Byzantine General noted that the cost of production of Bitcoin and the average cash flow of miners have converged at the $7,700 level; this is relevant because the average cash flow of miners, as marked in the chart below, predicted Bitcoin’s bottom three times in November and December of last year, then once before in December 2018.

https://twitter.com/ByzGeneral/status/1236618619951419395

Furthermore, industry investor Josh Rager remarked in an update posted to his Telegram channel that there exists a Point of Control and horizontal support for Bitcoin around $7,700 to $7,995, making it logical that the cryptocurrency could find a bid in that region.

The idea here: there’s a growing likelihood that the crash to $7,700 was the final correction for Bitcoin, meaning that once the cryptocurrency heads higher, so too should Ethereum and the rest of the altcoins.

Featured Image from Shutterstock
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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