Many cryptocurrencies such as Arbitrum (ARB), Pepe (PEPE), Sui (SUI) and ApeCoin (APE) are getting closer and closer to their listing price on Binance. Altcoins are being undermined by the negative news flow in the sector and the Ethereum (ETH) price hovering at a key support point. Rejected at $1670 and retreating to the $1600 band, the admiral of altcoins may face steeper declines if it cannot find support.
ETH, dominated by sellers after failing to break the $ 1635 - $ 1646 range, is heading towards $ 1602 support. Since there is currently no force that can push the market upwards, the risks for altcoins are increasing. ETH's failure to find buyers at $1602 could bring the price to $1580 - $1550 and $1511 respectively. Already crushed by the dominance level, BTC and ETH price, altcoins could bleed further in such a scenario.
The arrival of news that could turn the market positive or exceeding $1646 in volume will naturally add strength to the ETH price. In such a scenario, altcoins will go green, increasing the demand of crypto investors. On the technical side, the resistance levels to follow will be 1665 - 1700 - 1726 and 1746 dollars respectively.
Altcoins are bleeding: Decision time for Ethereum!
The critical process continues in the altcoin market, Many altcoins have reached their bottom price on Binance, Will Etheruem (ETH) find strength at $1600?
Jack Cooper
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11.09.2023 - 19:12
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