Updated: 07/29/2019 15:50
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ethereum and bitcoin decline
See how Ethereum tries to remain ion the edge above $200, possible outcome as well as the possible reasons for the latest Bitcoin declining trend
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See how Ethereum tries to remain ion the edge above $200, possible outcome as well as the possible reasons for the latest Bitcoin declining trend

Over the past few days, the cost of Ethereum has steadily declined, at the beginning of the new trading week there were real risks of a weakening of the coin rate below $ 200.

On Monday, July 29, the price of ETH dropped to $210, its market capitalization decreased to $22.522 billion.

According to analysts, the second most expensive coin came under strong pressure. If we see its decline to $208 and lower in the coming hours, then a fall to $200 will most likely be inevitable.

In case of further decline in the course of Ethereum, the pressure will increase, as many holders of this asset will begin to sell it aggressively. The peak of resistance will be the mark of $205, if the ETH can't hold through it, then the new minimum will be updated at about $195-197.

Some traders believe that Ethereum ceases to be an attractive asset, and investors are beginning to get rid of it now, believing that the market enters a phase similar to the one we saw in February of this year. Then the second cryptocurrency tried to keep at the level of $110-150, which actually updated its fundamental values.

The price of Bitcoin on Saturday fell by more than 8% and skeptics immediately appeared to say - "the rally is over."

To date, the main cryptocurrency has decreased by 32% compared with the maximum of 2019 ($13,739) and most of the short-term forecasts remain bearish.

Over the past two weeks, Bitcoin has formed two peaks at $13,739 and $13,177, and then dropped to about $9,560. Most traders expect that the price of bitcoin will be adjusted to Fibonacci levels of 61.8% and 50%, which is near the gap of CME futures, bringing the price of bitcoin to the range from $8,500 to $7,500. Traders also noted that Bitcoin fell out of the expanding wedge, in which the price rose from $4,000 to a maximum of 2019, finally destroying the parabolic trend.

So, the short-term forecast is bearish, but analysts are extremely optimistic about the long-term forecast of Bitcoin price. Let's see what will happen in the nearest future, watching the trends of the main cryptocurrency.

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