The price of cryptocurrency dropped to a weekly minimum.
Over the past seven days, the cost of the largest capitalization of altcoin decreased by 5%. We tell you what to expect next and what does IEO have to do with it.
Ethereum updated its weekly minimum on the night of March 26th. The average market price of cryptocurrency dropped to $ 133, over the past seven days it has decreased by 5%. At the same time, Bitcoin fell 2.5%, now it is trading at $ 3,947.
Technical analysis expert and leading trader of United Traders Alexey Markov is sure that the fall in Ethereum prices is related to the latest traditions in the ICO market. Now tokensale pass on exchanges, called IEO. They differ in that non-startup developers are looking for investors for new coins. The site selects promising teams and promotes them among its users.
“Many strategic hodlers simply re-form their portfolios and go into stock exchange tokens, which they accept as payment for new project coins. I don’t think that this trend will last long, after all, Ethereum is one of the key projects of the entire cryptocurrency ecosystem”, - Markov explained.
According to Blockonomi analyst Latika Mehrotra, in the near future, the cost of Ethereum could fall to $ 130. Cryptocurrency couldn’t keep above the important support level of $ 134, now the decline may slow down at $ 132.
Even if altcoin starts going up, it will not be able to overcome the $ 136 and $ 137 zones, the expert warned.