Despite the fact that the crypto markets have been on a steady rise the last few weeks, there are no indications that we are going to stop any time soon. It appears that most recently the price of Bitcoin has begun to rebound, with the digital currency now trading at $8,500. Ethereum and Ripple, however, are both struggling to hold above the $1,000 mark, which is something that many traders believe is a sign that there is a growing divide amongst the markets.
It’s one thing to have a bearish view on ETH, VET and IOTA—but it’s another thing to be ready for the markets on the weekend. As we approach the weekend, it’s expected that the crypto markets will suffer more of a pullback, with some key altcoins seeing a bigger decline than others. With that in mind, it’s best to be ready and keep a few things in mind when it comes to your portfolio:
The bear market is still in play as Ether, VeChain and IOTA prices trade in the red zone as the weekend approaches.The bearish cycle in the crypto-currency market continued this week: Bitcoin is still struggling in the $30,000 range and Ether has dropped below $2,000. Ether, VeChain and IOTA are trading in the red ahead of the weekend.
The cycle is expected to continue in the coming days and cryptocurrencies could see further losses. However, with a market recovery, they could perform better and make up some of the losses suffered this week.
ETH price forecast
Ether remains the second largest cryptocurrency in terms of market capitalization, but its price has not risen in recent weeks. The four-hour chart of ETH/USD shows that Ether is currently in trouble and its price could fall further in the coming days.
4-hour chart of ETH/USD. Source: Coincide
If the current downtrend continues, the ETH/USD could fall below the first major support level at $1,852. Unless there is a prolonged sell-off from the market, ETH could avoid levels below $1,800.
However, the market rally could lead Ether to try to break through the first major resistance at $2,012.
VET Price forecast
The VET/USD pair has fallen nearly 4% in the last 24 hours. The 4-hour chart and other technical indicators show that VeChain is in bearish territory. The VET price could fall below the $0.060 support level in the coming days if the downward trend continues.
4-hour chart of VET/USD. Source: Coincide
In the absence of a prolonged sell-off and general market losses, the VET/USD pair could comfortably defend the 0.055 area over the weekend. However, vocational education will need the help of the market to make a difference. A rally this weekend could see the cryptocurrency try to reach the $0.073 level again.
IOTAPrice forecasts
IOTA is the biggest loser of the three, with a price drop of over 5% in the past 24 hours. The 4-hour chart shows a downward trend and the price could fall further in the coming hours.
4-hour chart of IOTA/USD. Source: Coincide
If the downtrend continues, IOTA could lose support at $0.60 in the coming hours or days. A prolonged sell-off could prevent IOTA from maintaining its position around the $0.50 mark. However, should the market recover, IOTA/USD could break through the first major resistance point at 0.73. If the market continues to rise, IOTA could reach $0.80 in the coming days.
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