Ethereum Mirrors Bitcoin’s 2018-2021 Cycle Amid Record Selling
- Crypto analyst The Cryptagon suggests Ethereum is closely following Bitcoin’s 2018 to 2021 cycle.
- Ethereum has faced record active selling over the past three months, impacting its performance.
- The current critical support level for Ethereum is $1,887, with investors having purchased 1.63 million ETH at this price.
- ETH has been under heavy pressure since December last year, nearing a 12-month falling support.
- Ethereum’s price recently traded around $1,893, showing a slight increase of over 1% in the last day.
The Cryptagon predicts Ethereum could reach $8,000 by mirroring Bitcoin’s past cycle. However, recent record selling and underperformance compared to other altcoins like XRP and Solana pose challenges for ETH’s bullish outlook. Currently, maintaining the $1,887 support level is crucial to prevent further declines.
Source (2.6)https://www.newsbtc.com/news/ethereum/ethereum-mirroring-bitcoin-cycle/?rand=52377
