The total cryptocurrency market cap slipped by around 5 percent to hover about $2.6 trillion on the second day of April. With about seventeen days to the fourth Bitcoin (BTC) halving, more investors are positioning their crypto portfolios for the best returns.
Moreover, the macro crypto bull run takes the entire industry, with some sectors, led by meme coins, outshining the rest.
Heavy Crypto Bearish Cloud Ahead
The cryptocurrency industry has gained over $1 trillion in the past few months following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. However, short-term crypto traders rush to take profits and distribute their portfolios for maximum gains.
As market intelligence platform Santiment noted earlier, more crypto traders have been taking shelter in the stablecoins industry recently in anticipation of buying a possible dip.
Consequently, the cryptocurrency market is expected to be on the receiving end in the coming few days before the halving impact gets noticed.
ETH Price Action
According to an Ethereum price analysis by a popular crypto analyst, Ali Martinez, ETH price will drop as much as $2,850 in the near term. The crypto analyst noted that about 2 million Ether addresses purchased around 1.64 million Ethers between $2,846 and $2,951.
Meanwhile, the daily Fibonacci Retracement shows that Ether’s price against the US dollar must hold onto the support range between $3,193 and $3,298 in the coming days to invalidate a possible capitulation below $2k.