At the start of June, the two largest cryptocurrencies by market capitalization tumbled to their lowest levels in years. However, many analysts believe the cycle bottoms have not occurred yet.
The big question now appears to be whether Bitcoin (BTC) or Ethereum (ETH) will find its floor first, and here’s the take of one popular market observer.
Is ETH First in Line?
X user Ted argued that the second-biggest cryptocurrency is more likely to bottom before the industry’s undisputed leader. He claimed that most of the downside liquidity has been taken out, projecting a plunge to $1,300-$1,400.
“But after that, upside liquidity will start to look more interesting,” he added.
Shortly after, Ted noted ETH’s drop below the critical $1,700 mark and warned that the asset could post a further 5-6% decline if it doesn’t reclaim this level.
There are plenty of other analysts who believe the worst for Ethereum is ahead. Ali Martinez said the asset is breaking down from its channel and
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