"Crypto is in a 'bubble' situation that is about to explode. There is a possibility that Ethereum will overcome Bitcoin in the future ".
This statement was made by Ethereum founder Vitalik Buterin during an exclusive interview with CNN Business. He also expressed his views on the current decline in the crypto market.
Vitalik Buterin with an Ethereum holding of 325,000 ETH with a current market value of $ 895 million has declined by 35% from the total holding value ever acquired of around $ 1.4 Billion on May 12th.
He argues that the current crypto market will be more inclined towards the ‘mainstream’ as most large institutions have entered the cryptocurrency market and have accepted crypto as the median of payment.
Buterin also explained the impact of the crypto market from Elon Musk's Twitter tweets that often impact the crypto market, especially Dogecoin, saying that Elon Musk's influence will not last forever and is only temporary in giving a little madness to the crypto market movement.
Looking at the ETH/USDT price movement chart, the $ 2,900 level is seen as a difficult zone to break after the price rebounded from the $ 2,000 level reached.
The rise that successfully passes the zone is expected to lead to the SBR zone (support become resistance) around the price of $ 3,300 and further resume the uptrend.
On the other hand, if the bearish trend continues, the price is likely to decline to the level of around $ 2,500 which is seen as a focus level to test before making a lower decline.
If the downward trend after this week's market crash is not over, investors will see the value of ETH fall below the $ 2,000 level as well as other cryptocurrencies.
Around 3.00 pm local time, the price of Ethereum moved flat at the price level of around $ 2,900 - $ 2,500.
