Ethereum Rebounds as Bitcoin Holds Steady

[kolbalish]

The price of Ethereum, the second largest cryptocurrency by market cap, has made a brief recovery after a terrible week.

It had been hammered all of this week, falling from its two year high of $487 on Wednesday to $316 on Saturday evening. That's a decline of 35% in just three days.

The market fared a little better today. Its price rose to $356, an increase of 12%. It's still a great distance away from its peak of $487 early this week, but traders may feel lucky to not have lost far more.


Speculators may only, er, speculate about why $316 was Ethereum's price floor. Perhaps it had something to do with SushiSwap, the decentralized finance project that stoked fear in the DeFi community after its leader, Chef Nomi, dumped all his tokens on the market yesterday.

Nomi made off with about $14 million, but roughly $1 billion still runs through SushiSwap's protocols. And the whole thing is an experiment in decentralized finance—if SushiSwap collapsed, it would cast doubt on a highly experimental space into which investors have poured $8 billion in the past three months.



Nomi later handed over control of the contracts to the CEO of FTX, Sam Bankman-Fried, who promised to devolve power to the community. The price of a $SUSHI doubled in price shortly after, about the same time that the price of ETH rose.

Bitcoin holds steady
Alongside ETH's rebound, Bitcoin's price held firm. The price of Bitcoin, the largest cryptocurrency by market cap, increased just 0.64% today to its current price of $10,276.

That is a relatively minor price bump. But it's significant for its quiescence: Bitcoin fell from $12,369 earlier this week—its yearly high—to just under $10,000.


In crypto, investors consider Bitcoin's $10,000 price point to be a benchmark for the entire industry, since Bitcoin is the largest cryptocurrency by market cap and has a huge influence on the whole market.

If Bitcoin's price is above $10,000, all's okay. If it's below $10,000, time to panic. Maybe the extra zero is soothing. That Bitcoin is now firmly back above the $10,000 mark may quell anxieties within the crypto community that its bull run is about to end.

Check it here: https://decrypt.co/41017/ethereum-rebounds-as-bitcoin-holds-steady?amp=1

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[CucakRowo]

Are you sure that ETH has made brief recovery after terrible week as you mentioned in your thread (and article)? And are you sure this terrible week only caused by sushi chef? Remember, there's still plenty  ETH waiting to liquidate from defi's pools. If that happens, perhaps ETH will more bleeding rather than btc. This stake ETH and the impact when unstake still not mentioned in that article btw.

[Desscount]

if Bitcoin can be stuck at support $ 9600 to $ 9900 then altcoins especially Ethereum will also experience recovery again,
but if the Bitcoin price is below $ 9500, we need to be worry

[pilosopotasyo]

Ethereum is one of the coins with the biggest drop 7 days dropped percentage was -18.8%   compared to Bitcoin's -12% so if you check in the market there's not much improvement on the price of both coins after the drop we are actually waiting for something to happen, and that something hopefully is not about moving downwards.

[Lagduf]

I just hope the trend continues because I have a lot of ETH that I didnt change to BTC. If BTC keeps going up it will pull all the alts with it

That needs only a small bump for bitcoin to make ethereum and whole of market will be recovered to the previous rate again. It looks like a small signal toward the recovery is appearing on bitcoin.

We will see whether in the next few days bitcoin can make ethereum and another asset will be going back again to the top position or not. I strongly believe with ethereum as it will be getting another big news from the ethereum 2.0 development progress.

Just hold your ethereum dude.

[TimeTeller]

I just hope the trend continues because I have a lot of ETH that I didnt change to BTC. If BTC keeps going up it will pull all the alts with it

That needs only a small bump for bitcoin to make ethereum and whole of market will be recovered to the previous rate again. It looks like a small signal toward the recovery is appearing on bitcoin.

We will see whether in the next few days bitcoin can make ethereum and another asset will be going back again to the top position or not. I strongly believe with ethereum as it will be getting another big news from the ethereum 2.0 development progress.

Just hold your ethereum dude.

I will do the same as well. Eth is a very strong alt out there.
So once btc pulls up again, expect that eth will follow thru.
This $10k price for btc is not forever, sooner or later we will see this going up again.
So for me, really have no worries especially with eth.

[kolbalish]

I just hope the trend continues because I have a lot of ETH that I didnt change to BTC. If BTC keeps going up it will pull all the alts with it

That needs only a small bump for bitcoin to make ethereum and whole of market will be recovered to the previous rate again. It looks like a small signal toward the recovery is appearing on bitcoin.

We will see whether in the next few days bitcoin can make ethereum and another asset will be going back again to the top position or not. I strongly believe with ethereum as it will be getting another big news from the ethereum 2.0 development progress.

Just hold your ethereum dude.

I will do the same as well. Eth is a very strong alt out there.
So once btc pulls up again, expect that eth will follow thru.
This $10k price for btc is not forever, sooner or later we will see this going up again.
So for me, really have no worries especially with eth.

Yes, we all are hoping it so far. It is very general thinking that if btc pumps then altcoins also follow this trends and all the market going up soon. So following Btc is good enough for market analysis in my thinking. Then we can expect something which can be matched to the market

[btc78]

It is easy to Ethereum to make a rebound now because the DeFi projects are supporting the currency so expect more Hype in price.
But checking the market now Bitcoin also gaining some good amount valuing $10,500 now slowly but surely moving up right?

https://coinmarketcap.com/

ETH is also at 4% gain now with the price of $387 not bad from below 350 yesterday.

if Bitcoin can be stuck at support $ 9600 to $ 9900 then altcoins especially Ethereum will also experience recovery again,
but if the Bitcoin price is below $ 9500, we need to be worry

Lol for what reason that Bitcoin will seat at that Low?cannot you see the strong Hold at 410k?

and if Bitcoin fell that Bad i'm telling you all altcoin will dump together with Bitcoin.

[GreatArkansas]

It is easy to Ethereum to make a rebound now because the DeFi projects are supporting the currency so expect more Hype in price.
But checking the market now Bitcoin also gaining some good amount valuing $10,500 now slowly but surely moving up right?

https://coinmarketcap.com/

ETH is also at 4% gain now with the price of $387 not bad from below 350 yesterday.

if Bitcoin can be stuck at support $ 9600 to $ 9900 then altcoins especially Ethereum will also experience recovery again,
but if the Bitcoin price is below $ 9500, we need to be worry

Lol for what reason that Bitcoin will seat at that Low?cannot you see the strong Hold at 410k?

and if Bitcoin fell that Bad i'm telling you all altcoin will dump together with Bitcoin.

Bitcoin is moving too.
What I really believe on Ethereum these past few weeks is really got strong bouncing back, even how dump is hard, Ethereum still manage to hold.
Just like what Bitcoin did, past few days, multiple times we dropped below $10,000 but after that, Bitcoin is bouncing back again. Lot of traders liquidated, lol.

[virasog]

It is easy to Ethereum to make a rebound now because the DeFi projects are supporting the currency so expect more Hype in price.
But checking the market now Bitcoin also gaining some good amount valuing $10,500 now slowly but surely moving up right?

https://coinmarketcap.com/

ETH is also at 4% gain now with the price of $387 not bad from below 350 yesterday.

if Bitcoin can be stuck at support $ 9600 to $ 9900 then altcoins especially Ethereum will also experience recovery again,
but if the Bitcoin price is below $ 9500, we need to be worry

Lol for what reason that Bitcoin will seat at that Low?cannot you see the strong Hold at 410k?

and if Bitcoin fell that Bad i'm telling you all altcoin will dump together with Bitcoin.

Bitcoin is moving too.
What I really believe on Ethereum these past few weeks is really got strong bouncing back, even how dump is hard, Ethereum still manage to hold.
Just like what Bitcoin did, past few days, multiple times we dropped below $10,000 but after that, Bitcoin is bouncing back again. Lot of traders liquidated, lol.

Ethereum is looking very strong among all the altcoins. The dump of bitcoins has least effect on Ethereum. I think DeFi has a lot to do in the current price increase of Ethereum.
I am looking for a bull run for Ethereum just like in 2017. Maybe it can touch 1000$ in few months time.

[GreatArkansas]

(....)
Ethereum is looking very strong among all the altcoins. The dump of bitcoins has least effect on Ethereum. I think DeFi has a lot to do in the current price increase of Ethereum.
I am looking for a bull run for Ethereum just like in 2017. Maybe it can touch 1000$ in few months time.

The DeFi could be a really huge effect on Ethereum for fundamental part.
But if we will use the technical analysis on Ethereum, I think Ethereum is just making a good return, remember when Bitcoin dumped on below $4,000 before and Ethereum dumped also below $100? That is extremely huge dumped on Ethereum.
And when we compare the All-time-highs of these two,
Bitcoin is -46.4% from it's all time high, while Ethereum is still -73.3%. So for me, Ethereum is kinda normal for these kind of gains.

[Ayiranorea]

What a stressful week, bitcoin is down and altcoins are in a big panic. Ethereum which was going towards $500 failed and fell back below $400. When bitcoin becomes calm and stable, it is a moment for altcoins to recover but only a little and just waiting for bitcoin to rise or continue to fall

This isn't a stressful week, because there is regular price fluctuation. One who has been observing the market closer could've made good profit depending on the capital investment. We can't say bitcoin holds steady, ethereum on the other side bounced back reaching close to $375 and has now fallen back to $350. It is the time to profit out of continued trading than holding for a big profit.

[Oceat]

What a stressful week, bitcoin is down and altcoins are in a big panic. Ethereum which was going towards $500 failed and fell back below $400. When bitcoin becomes calm and stable, it is a moment for altcoins to recover but only a little and just waiting for bitcoin to rise or continue to fall

Do you really need to be that stress if there's a drop of price? I think it's all just balance in terms of growth and price drop since this is an open market traders can trade anytime they want. There's always a good time for buying and selling it's not always a one side of the coin. Just take this as a blessing in disguise since you can restack/buyback from this price drop then wait for the market to rise again to sell. Don't worry too much since we aren't in the bull run yet that's why accumulate as much as you can until the bull run happens.

[senyorito123]

What a stressful week, bitcoin is down and altcoins are in a big panic. Ethereum which was going towards $500 failed and fell back below $400. When bitcoin becomes calm and stable, it is a moment for altcoins to recover but only a little and just waiting for bitcoin to rise or continue to fall

Do you really need to be that stress if there's a drop of price? I think it's all just balance in terms of growth and price drop since this is an open market traders can trade anytime they want. There's always a good time for buying and selling it's not always a one side of the coin. Just take this as a blessing in disguise since you can restack/buyback from this price drop then wait for the market to rise again to sell. Don't worry too much since we aren't in the bull run yet that's why accumulate as much as you can until the bull run happens.

Not all folks would be calming down when they found out that their coins holdings decline at worst price. Though we need to be stabilized, I don't think it's all behind our control because whatever plans made by whales we aren't going to catch it up. That's normal to have emotional breakthrough on this recent situation, and what's important is you develop a good learning strategy before possible bullrun would commence.

[carlfebz2]

I just hope the trend continues because I have a lot of ETH that I didnt change to BTC. If BTC keeps going up it will pull all the alts with it

Are you a day active trader or a long term one? If you do actively trade then better sell it out when you are already on greens.Trends or price increase doesnt really hold up that much

but somehow movement doesnt really rely on any sentiments in the market.It can shoot up or dump unexpectedly.Also, always think that price of bitcoin and altcoin doesnt correlate from time to time.

It may oppose or would tag along thats why it would really needed up some fast price action on your part if you do like to make gain with it.

[Oceat]

What a stressful week, bitcoin is down and altcoins are in a big panic. Ethereum which was going towards $500 failed and fell back below $400. When bitcoin becomes calm and stable, it is a moment for altcoins to recover but only a little and just waiting for bitcoin to rise or continue to fall

Do you really need to be that stress if there's a drop of price? I think it's all just balance in terms of growth and price drop since this is an open market traders can trade anytime they want. There's always a good time for buying and selling it's not always a one side of the coin. Just take this as a blessing in disguise since you can restack/buyback from this price drop then wait for the market to rise again to sell. Don't worry too much since we aren't in the bull run yet that's why accumulate as much as you can until the bull run happens.

Not all folks would be calming down when they found out that their coins holdings decline at worst price. Though we need to be stabilized, I don't think it's all behind our control because whatever plans made by whales we aren't going to catch it up. That's normal to have emotional breakthrough on this recent situation, and what's important is you develop a good learning strategy before possible bullrun would commence.

They were just expecting too much that's why it happens if they were really into the market just for the sake of profit then why sleep when you can look at the market just to make sure you will get a profit? Although, the doesn't work that way it is very unpredictable no matter what we do that's why if you see the green already just dump it down and wait for the buyback.

[nelson4lov]

Is anyone actively following the price action on bitcoin lately? Since the decline from ~ $12K levels, everyone was so sure that the CME gap at $9.6K would get filled. After Bitcoin stabilized for about a week above $10K, Its now testing new resistance levels and filled the other gap at $10.6K. Suddenly, Everyone is no longer bearish and turned bullish.

Anybody thinks we would have a leg down below $10K anytime soon? Would appreciate a response from either a technical or fundamental standpoint. What about Alts?

[JeffBrad12]

bitcoin is down and altcoins are in a big panic. Ethereum which was going towards $500 failed and fell back below $400. When bitcoin becomes calm and stable, it is a moment for altcoins to recover but only a little and just waiting for bitcoin to rise or continue to fall

Bitcoin can still hold the 10k support and is it a big down that happened with bitcoin? you should watch the market again and so many scam defi is also giving a very big impact on the market too. The fall back that happened with ethereum is just temporary and it's starting to go up again.

A pump that will happen for bitcoin must be driven by the very good news that builds a fundamental that will create big support in the market.
You should not worry about that as there is a bunch of good news have already come for sure.

Ethereum has already broken the $370 resistance and this trend looks very bullish.

[glowing10]

What a stressful week, bitcoin is down and altcoins are in a big panic. Ethereum which was going towards $500 failed and fell back below $400. When bitcoin becomes calm and stable, it is a moment for altcoins to recover but only a little and just waiting for bitcoin to rise or continue to fall

With bitcoin bouncing back and moving above 10750$ today it is a good sign that bounce back seems to be on the cards. Thus, with the rise of btc prices, ETH has started to also move upwards and seeing them at 375$ approx which has risen by 3% in last 24 hours. So if btc can cross 11k then we may also see ETH inching close to 400$ mark back again.

[yazher]

This is the longest hold of the Ethereum on its price since last 2018 where it fell right after it reaches a higher mark price at that time. Now that it holds almost 100% than its last price, the chances of getting that price again are higher than last year. what I mean is, it could reach up to $800 again if they can just manage to fix the transaction fees issue which is the main reason for the annoyance of most of the Ethereum network users. the transaction fees itself will make the trader lose his hair because as we are talking right now, it's making a new record for the highest transaction fees of ETH even at the minimum rate.

Damn! this rates are not funny, my friend:

https://ethgasstation.info/