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Top Crypto Analyst Sees ETH to Possibly Underperform in March

by Monica Padillo

Top cryptocurrency trader and analyst Luke Martin has said he is expecting Ethereum to underperform as the crypto market moves into March.

Martin noted in a tweet that he is betting on lower prices for Ethereum as major cryptocurrencies are beginning to have lower momentum.

NewsBTC reported that in the next few weeks, the ETH/BTC pair will potentially see a 10 percent decline from 0.0218 BTC to 0.0223 BTC, which is seen as possible support. The analysis was based on the trend reversal shown in the chart that Martin shared.

Issues in the decentralized finance ecosystem were also seen as signs that could further affect the price of Ethereum despite DeFi’s rising popularity among the blockchain community.

One instance was the two back-to-back attacks on DeFi platform bZx through flash loans and oracle manipulation. The platform lost 1,193 ETH in the first attack and 2,378 ETH in the second.

BZx’s insurance fund, which is the collected 10 percent interest earned by lenders, covered the losses.

NewsBTC also cited the pricing anomaly that occurred on one of Chainlink’s oracle networks for the XAG/USD price pair.

The anomaly, which lasted for over six hours, caused Chainlink’s price feed to register a silver ounce price of $1,600, enabling some users to make more than $30,000 of profit.

Chainlink noted in a blog post:

The human error occurred while seeking to improve the XAG/USD network by releasing additional data reliability features requiring an update to the smart contract’s configuration about the specific job IDs being run by node operators servicing the XAG/USD oracle network, leading them to incorrectly request a gold price (XAU) instead of the silver price (XAG).

To remedy the issue, Chainlink intends to increase multi-signature signers for the release of new features and updating of oracle networks.