The past 48 hours have been quite turbulent for cryptocurrency traders. The markets turned red after Elon Musk’s statements regarding Bitcoin (BTC).
Elon Musk’s Bitcoin statements and his discussions with the cryptocurrency community shook the markets deeply. With the panic, Bitcoin fell to $ 42,000, while Ethereum (ETH) fell from $ 3,800 to $ 3,100.
Ethereum Entry In Exchanges Has Not Increased Yet
The market crash following Elon Musk’s tweets did not shake Etheruem investors. Because there was no significant increase in the amount of Ethereum invested in exchanges for sale.
This was also highlighted by Mira Christanto of Messari Research, who pointed out that true Ethereum owners are “stubbornly on the upward trend.” He shared his analysis about Ethereum owners with the graph he shared and his statement.
Ethereum Could Fall Back To $ 3,200 Level Again
Regarding short-term price movements, Ethereum may again experience a pullback. After the asset dropped to $ 3,100, it is currently trading at $ 3,294. Even if Elon Musk disproves the rumor that Tesla has put his Bitcoins up for sale, the markets have not been instilled with confidence.
Therefore, it may experience a second price drop between $ 3,200 and $ 3,100 before Ethereum leaps above the $ 3,500 level.