Analysis: ETH Holds Firm in "Key Area", Next Move May Impact Bitcoin

PANews reported on August 4th, according to Cointelegraph, MN Trading founder Michael van de Poppe stated that Ethereum is holding onto a key support area. If it cannot maintain this level, it could potentially affect the price by about 4% and further push Bitcoin down to an uncertain range for traders. Michael van de Poppe added that if ETH breaks through its support level, Bitcoin might test $60,000 while Ethereum will test levels below $2,800. According to CoinGlass data, if ETH falls to $2,800 approximately $259.46 million worth of long positions would be liquidated.