A closely followed crypto strategist is warning that an Ethereum (ETH) challenger that’s down about 65% this year will likely witness more sell-off events if the altcoin loses its immediate support.
Pseudonymous analyst Altcoin Sherpa tells his 196,700 followers on the social media platform X that Fantom (FTM) holders should watch out below if the Ethereum rival loses support at $0.15.
“FTM: give some reasons why this isn’t going to go to $0.045 Overall, this looks abysmal.
I hope the $0.15 area gives a bounce. The chain itself is underused and overvalued relative to competitors, though.”
At time of writing, FTM is trading for $0.18. A move toward the analyst’s downside target suggests a loss of about 75% from current levels for FTM holders.
Looking at Ethereum itself, Altcoin Sherpa thinks that the leading smart contract platform’s value will likely continue to lose value against Bitcoin (ETH/BTC) until it hits support around 0.053 BTC, which is worth about $1,454.
“ETH: ETH/BTC getting slaughtered, I don’t see a bounce until we get to lower areas. Thinking low 0.05s [BTC]. That said, I still think November is a great time to buy altcoins. The time for a short altcoin rally is just right around the corner in my opinion.”
Based on the trader’s chart, he seems to think that the altcoin markets will rally once ETH/BTC hits its downside target. Traders keep a close watch on ETH/BTC as a bullish pair tends to signal that market participants are moving into altcoins.
At time of writing, ETH/BTC is trading for 0.057 BTC ($1,563).
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Analyst Says One Ethereum Rival Looks Abysmal, Warns To Watch Out Below if Altcoin Loses Key Level appeared first on The Daily Hodl.