• Crypto analyst Nicholas Merten predicts a major sell-off is coming for altcoins, but Ethereum may be an exception.
• He says Binance Coin (BNB) could give clues about the altcoin market’s direction if it fails to hold the $30 billion level in terms of market cap.
• Merten believes Ethereum is displaying a bullish price pattern and could move higher despite the general pullback.
Altcoin Sell-Off Coming, But Ethereum Could Be Exception
Crypto analyst Nicholas Merten predicts that a major sell-off event is on the horizon for altcoins, but notes that leading smart contract platform Ethereum (ETH) may be an exception. In a recent strategy session with his 511,000 YouTube subscribers, Merten said that altcoins look primed for a sustained corrective move.
Binance Coin Price Action Could Reveal Altcoin Market Direction
Merten suggests watching Binance Coin (BNB), the native token of crypto exchange Binance and currently the fifth-ranked digital asset, to get clues about what’s next for the altcoin market at large. If BNB fails to hold the $30 billion level in terms of market cap, he believes it could lead to a deep correction in prices. At time of writing, its market cap is $37.6 billion.
Ethereum Showing Bullish Price Pattern
Merten says that while he remains cautious on most altcoins, he believes that Ethereum appears more bullish than others and is displaying an ascending triangle price pattern which usually leads to upside movement. At time of writing, ETH was trading for $1,883 per coin – only a fractional decrease during the last 24 hours.
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Opinions expressed at The Daily Hodl are not investment advice; investors should do their own research before making any investments in cryptocurrency or blockchain technologies..