The price of Ethereum is consistently following Bitcoin, which is experiencing a sharp decline. This article examines the factors affecting Ethereum's price dynamics.
Current State of Ethereum Market
The price of Ethereum has once again dropped below the $2800 mark, becoming a significant resistance level. The current price correction could deepen if buyers fail to hold the support level below $2400.
Impact of Bitcoin on the Market
Recent geopolitical tensions between Middle Eastern countries, particularly Israel and Iran, have negatively impacted the crypto market, resulting in over a billion in liquidations in the past 24 hours. The rising Bitcoin dominance suggests that liquidity is flowing back into this token while altcoins remain under pressure.
Altcoin Prospects Until 2025
Despite efforts by bulls to defend critical support, charts have not yet shown a clear upward trend. The loss of altcoins' positions in the short term indicates that an Altseason may not begin soon, especially if Bitcoin dominance remains high.
The current situation on the Ethereum market indicates declining prices and uncertainty in the near future. Investors should closely monitor the state of Bitcoin and its impact on altcoins.
