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Though Bitcoin price dropped in the recent downtrend in the cryptocurrency market, analysts believe Ethereum could decline further before the altcoins trend reverses. Ethereum price could plummet ahead of Bitcoins fifth wave according to a leading cryptocurrency analyst.

In the market-wide cryptocurrency bloodbath, Bitcoin price suffered a negative impact. Analysts believe Ethereum capitulation could occur before a trend reversal. The recent drop in Bitcoin price is considered a precursor to a price rally in the asset, according to the Elliottwave Theory.

Ethereum price has sustained above its key psychological level at $2,000. The short to medium-term outlook on Ethereum is bearish. The altcoins price could plunge to support at $1,930 before a trend reversal in Ethereum.

The recent steep decline in the altcoins price was derived from Ethereums correlation with Bitcoin and the bloodbath in US tech stocks and equities.

With the recovery of US Stock indexes and Bitcoin price, Ethereum is on track to make a comeback. @CredibleCrypto, a crypto analyst and trader, evaluated the Ethereum price trend and noted that Bitcoin dominance will hit major support.

Ethereum price against Bitcoin is yet to break down and make its way to the red line, since capitulation is expected to occur in BTC. According to the analyst, the drop in Bitcoin price could have been a precursor of a massive pump or dump, and Ethereum could witness a bullish reversal ahead of Bitcoins fifth wave, based on Elliottwave Theory.

The theory implies that the fifth wave of the asset would be a significant rally, pushing BTC higher than its previous all-time high.

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Experts predict massive drop in Ethereum before altcoin begins recovery - FXStreet