The current public opinion orientation of Ethereum is not ideal. Through the collection of statistics on the ETF coin’s related Twitter content, it is believed that the negative emotions about Ethereum occupy the dominant position of the current public opinion. On July 16th, Tetras Capital, a well-known hedge fund in the encryption market, published a research report titled ‘The Flippening of Market Irrationality’. People think this is the beginning of the market to weaken the Ethereum.
But what really ignited the market’s bearish Ethereum sentiment was an article published by TechCrunch a month ago entitled ‘The Collapse of ETH is Inevitabl’, causing the continued collapse of Ethereum prices.
Many Ethereum singers believe that the price of a large number of ERC20 tokens will be zero in the future. They have to sell the cryptocurrencies they have collected from ICO (especially Ethereum and Bitcoin) for the sake of the project. Currently, the value of crypto assets held by some projects within the Ethereum ecosystem far exceeds the market value of these projects.
This phenomenon, which has the largest decline in Ethereum, deserves our attention, as it may mean that Ethereum is oversold in the past 90 days relative to other smart contract platforms and may be superior in the next 90 days. From the historical data of the past three years, even if we do not include the large-scale bull market in 2017, we can find that Ethereum has achieved positive returns in the last quarter of each year, which shows the price of Ethereum and Bitcoin. The trend has a seasonal pattern.
Ethereum and Bitcoin prices are highly correlated and linked. As the leading asset in the cryptocurrency market, the price trend of Bitcoin determines the general direction of the market. In the past two weeks, bitcoin prices have fluctuated between $6,100 and $6,500. And we conclude from a long-term technical analysis that Bitcoin needs to break through $7,500 to usher in a bull market again. This also correspondingly set a significant ‘threshold’ for the price break of Ethereum.
In conclusion, we believe that Ethereum market has a strong enough price increase, but the Bitcoin price trend will be a potential risk factor. So before Bitcoin does not break through $7,500 to form an uptrend or break below $6,000 to form a downtrend, and as the US exchange’s decision on the CBOE Bitcoin ETF approaches, trading price fluctuations in Ethereum or other cryptocurrencies will likely further Increase, be sure to do risk management of assets when trading.
来源：oschina
链接：https://my.oschina.net/u/3866569/blog/2218782