• Crypto analyst Nicholas Merten says a major sell-off event is on the horizon for altcoins, but Ethereum (ETH) may be an exception.
• Merten suggests that Binance Coin’s (BNB) price action could reveal what’s next for the altcoin market at large.
• According to Merten, Ethereum has been building an ascending triangle pattern which could potentially signal a bullish move.
Altcoins Facing Sell-Off
Crypto analyst Nicholas Merten says a major sell-off event is on the horizon for altcoins. He suggested that Binance Coin’s (BNB) price action could reveal what’s next for the altcoin market at large, and warned that if it fails to hold its $30 billion level in terms of market cap, then a deep correction could occur.
Ethereum May Be Exception
Merten notes that leading smart contract platform Ethereum (ETH) may be safe from this sell-off event. According to him, Ethereum has been building an ascending triangle pattern which could potentially signal a bullish move. Currently trading for $1,883 at time of writing, ETH has seen fractional decrease during the last 24 hours.
DataDash Host Nicholas Merten
In his YouTube strategy session with 511k subscribers, DataDash host Nicholas Merten said: “Not only are altcoins at the moment looking like they’re ready for a continued pullback, we’re doing our due diligence…I do see the market continuing to correct.” He added: “Out of all the cryptocurrencies out there, one that has stood out that looks at least more bullish to me is the price pattern of Ethereum.”
Market Cap of BNB
At time of writing, the market cap of BNB is $37.6 billion and according to Merten if it drops below this level it will indicate further downward movement in other altcoins as well.
Disclaimer
The Daily Hodl reminds readers to do their own research before investing in any cryptocurrency and advises investors to seek professional financial advice before making investment decisions