The Bitcoin (BTC) price gaining 1.83% in the last 24 hours does not seem to have benefited Ethereum and other altcoins like this. ETH price is trading well below the $ 490 level before September entry, and one analyst thinks the decline will continue further.
Super important Level for $ETH
Currently $ETH and it’s ERC20 minions seem to be leading the market, would not be surprised to see another -25% day across the board for #DeFi tokens if $ETH trades under 350 pic.twitter.com/TtTCKPS7vZ
— Flood [BitMEX] (@ThinkingUSD) September 16, 2020
Ethereum Based DeFi Projects May Drop 25%
Cryptocurrency analyst @ThinkingUSD stated that Ethereum and Ethereum network-based ERC-20 tokens are currently leading the market. Accordingly, the analyst emphasized that if the ETH goes below $ 350, it would not surprise him that DeFi tokens will experience a serious drop of 25%.
Indeed, it is known that almost all but one or two DeFi projects experienced a sharp decline when the ETH / USD price fell sharply. This decline is so effective in the DeFi sector that even some projects that create great expectations and enter the market are stagnating due to the decline in question.
In fact, there have been many events in the last days that will prevent the Ethereum price from falling below $ 350. One of these is known as the release of the latest test network Spadina, before the long-awaited ETH 2.0 update. In addition, it was emphasized in the statement made by the developers that ETH 2.0 will be reached by November.
All these good developments may bring an increase for ETH rather than a decrease in the long run.