There has been some consolidation in the crypto market after repeated dips in the last few weeks. The market that touched all-time highs in April was shattered in May. With Bitcoin losing 50% of its worth, it was evident that a long due market correction was on its way.
However, many predictions and analysis went in vain as the market performed unexpectedly. Several times it was induced by external factors. Such as the tweets of the CEO of Tesla, Elon Musk, or the crackdown of Chinese regulatory authorities.`
Ethereum also suffered indefinitely, as it came crawling back to the range of $2,000. Other altcoins also followed the same trend and crashed through the support levels. Nonetheless, the market is in a much better and stabilized condition than earlier. Almost all of the coins are looking to make slight progress in their values. Bitcoin itself is around the $37,000 mark, which is much better than the low of $30,000 it touched earlier this week.
Trends for Ethereum
Ethereum was lacking the desired levels of market volume to breakout from the resistance levels. However, the news from El Salvador has instilled life into the market, and it might be the driving force needed by Ethereum. Ethereum’s progress was limited and less volatile as compared to Bitcoin over the last week. Nonetheless, it sits well over its halfway mark from its all-time high. Even though the market geeks are eyeing a soaring of price, it can still have an extended dip to everyone’s shock.
In case of a dip, there are strong support levels at $2,177 and $2,077. Otherwise, in case of an upsurge Ethereum can eye the target of $2,900 or even $3,000. Experts are quite positive this about this increase in Eth’s value but if it suffers a breakdown from the $2,000 mark then the predictions get invalidated.
VeChain’s expected boom
Many altcoins have progressed in the last few days. However, VeChain is seriously being noticed by the analysts for its potential to go up by a staggering 30%. VeChain has had its challenges of maintaining the demand levels, as traders often invest in it for small profit margins. However, if it is able to maintain its position then it might go up to the mark of $0.144. In case of this upsurge, the resistance of $0.129 has to be conquered. In case of a bearish trend $0.102 is a strong support level for the digital token. Currently, VeChain stands at around $0.113.