A new downturn in Bitcoin and the majority of top altcoins this weekend has left investors wondering what this week will bring for prices.
At press time Monday, Bitcoin had fallen to an average $2534 on Coinmarketcap, down 4% in 24 hours and more since Friday.
Ethereum (ETH), after a combined three ICOs caused significant network congestion on two occasions last week, fell considerably more, returning below $300 to currently trade around $286.
The move repeated across the top ten cryptocurrencies, assets following Bitcoin with the notable exception of Ethereum Classic.
While still growing Sunday in the face of the already entrenched cross-cypto falls, gains have since tailed off, growth for the past 24 hours nonetheless achieving around 4%.
ETH’s sudden underwhelming performance meanwhile is leading analysts to forecast continued losses into this week.
In annotated Poloniex charts, Tone Vays highlighted weak lines of support versus BTC, and argued prices “might drop another 40%” before “strong support” appears.
Big support break on $ETHUSD… might drop another 40% before Strong #Ethereum Support vs #Bitcoin kicks in. Those Pesky Double Bottoms!!! pic.twitter.com/Bc9UmOw3mU
— Tone Vays [UASF-148] (@ToneVays) June 25, 2017
In the trading market, talk also turned to ETH sell-offs after GDAX processed a $30 million order last week, leading to temporary volatility as well as a ricochet effect across the network.