- It is believed that the stabilization of the oil price will allow the crypto market to soar.
- Analyst Happy Coin News Yuri Savelyev believes that a sharp increase is not to be expected.
- Other analysts do not rule out a fall.
In light of the potential US-Iran deal, it is worthwhile to answer the question of why ending the war in the Middle East will not save the course Ethereum from collapse.
On March 25, it was announced that Iranian authorities had received a plan approved by President Donald Trump to resolve the armed conflict, and, according to the American leader, the parties had begun negotiations. This news caused oil prices to plummet. fell in price by 6,5%, because market participants believed that the Strait of Hormuz would soon be unblocked.
The price of Ethereum, on the other hand, has remained virtually unchanged and continues to hesitate The stock is trading in a narrow range between $2,100 and $2,200. However, there are signs of a renewed bullish trend. For example, the asset’s price is above the 800-hour exponential moving average, while the RSI is in neutral territory.
However, the ETH price often moves differently than most traders expect. When the US and Israel attacked Iran, analysts predicted a massive market crash, but the cryptocurrency only fell to $1,840 and then rose to $2,390. Therefore, the announcement of an end to hostilities could have a similar effect: the price will fall instead of rising as investors expect.
Trader Merlijn The Trader is reasonable believesI believe the Ethereum price will collapse if the bears break the $2,000 support barrier. In my opinion, the likelihood of this outcome is high. Based on past trends, the RSI on the daily chart should drop into oversold territory, in which case ETH will fall to at least $1,800.
Probable changes in the Ethereum price and RSI index
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