Crypto Giants Face Further Pain: Which Will Hit Rock Bottom First?

The market is abuzz with uncertainty as Bitcoin (BTC) and Ethereum (ETH) continue to struggle, having plummeted to their lowest levels in years. Analysts are divided on which cryptocurrency will hit its floor first, with some predicting a further decline for ETH.

Ted, a popular market observer, believes that the majority of downside liquidity has been absorbed, projecting a drop to $1,300-$1,400 for ETH. However, he notes that after this point, upside liquidity will become more attractive.

Other analysts share Ted's view on ETH, with Ali Martinez warning that it is breaking down from its channel and trading below the 200-hour SMA, predicting a drop to $1,580. Niels also expects a crash to as low as $1,200 for ETH sometime this year, but sees the current price level as a buying opportunity.

Meanwhile, experts are divided on Bitcoin's (BTC) prospects. Ted believes that the recent dip below $59,000 is not the bottom and predicts a further drop to around $50K 'with a possible wick.' Some analysts see potential for BTC to rebound, citing a decline in the amount of BTC held on exchanges as a positive sign.