Ethereum Rebound Might Help the Market to Go Up, Says Eric Thies

During the bloodbath event, the valuation of Ethereum dropped from over $200 to below $100. The currency plunged to valuations as low as $89 which probably worst for Ethereum. This drop in valuation put Ethereum below XRP in the top currencies by market cap, as rated by coinmarketcap. Although the drops were drastic, but the currency dramatically fought back the plunges recently and reclaimed its throne at the top of altcoins, also adding to its valuation by reaching $150 and showing signs of further increase.

The graphs of coinmarketcap show the plunge and the bounce back attempt made by Ethereum,

Eric Thies, the managing partner at UTR equities was of the view that this bouncing back activity of Ethereum might help the market go up, but if the market is analyzed making BTC the subject, it might be possible technically that the market could go further down. Further explaining his views, Eric told Blockpublisher,

The market continues to build momentum off of the Ethereum rebound, which is happening just in time for the upcoming fork. From a technical level on Bitcoin, I would agree it is possible that we go lower, however, the Ethereum  bounce has indeed help generate a higher high and higher low on the overall MCap & that is very significant in relation to prior levels and bounces in this downtrend.

The contribution by made by Ethereum to increase the overall market cap and increase liquidity has once again put the hopes of the bulls high. People are linking 2019 with the Chinese year, “Year of the Bull” and that this year might bring the movement in crypto that the investors have been looking for.

Also explaining his observations relating to BTCs dominance and how it may decrease, Eric Thies said,

Only time can tell whether or not the ETH’s attempt to regain the market capitalization and regaining its spot would help the overall coin market to bounce back from the bloodbath.