Analysts point out that Ethereum could be downside for more periods in the short term, driven by the lack of key support that exists directly below its current price levels.
The price action of Ethereum was very similar to that of Bitcoin in recent days and weeks. With the correlation of ETH with the strengthening of BTC since the encryption market in general witnessed a boom.
Ethereum breaks below $150 as Analysts Eye Next loss
At the time of writing, Ethereum is quoting down almost 2% at its current price of $149.80. Indicating a significant drop from its daily high of less than $160 set yesterday.
It is important to keep in mind that ETH is currently moving away from its recent lows of $147 that were set simultaneously with the $7,200 decrease in BTC this morning. And its bulls have so far defended this level of close support. They are able to do it.
The Ethereum bulls have been able to put a significant amount between their current prices and recent transactions of $130. Which established during the capitulation episodes observed in the recently assembled crypto market, led by the decline in Bitcoin. It cost $6,500.
Popular cryptocurrency analyst Nick Patel talked about the Ethereum price action in a recent blog post. He pointed out that any Bitcoin could be exaggerated further in Ethereum's USD trading pair.
Will The Dwindling support more losses for ETH?
Patel also wrote in his Market Update blog post that strong support for Ethereum that existed in the region of less than $100 could be broken. Which could mean further reversal and possibly a capitulation. It can cause one.
Assuming that Bitcoin support is in the region of $7,000, Ethereum is much less likely to see significant losses against the BTC staggering its USD support areas.
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