Ethereum has Yet to Reach a Critical Support Zone; Will It Tap $300?

Ethereum has Yet to Reach a Critical Support Zone; Will It Tap $300?

  • Ethereum’s price action has been nearly identical to that of Bitcoin throughout the past couple of days
  • This caused the crypto to dip as low as $318 yesterday, at which point buyers stepped up and catalyzed from strong momentum
  • This pushed the cryptocurrency up to highs of $340, which is where it found some resistance
  • ETH is now caught within a bout of sideways trading, and its price is offering few signs of clarity to investors
  • One trader is noting that Ethereum is yet to visit one key liquidity region. This could indicate that it will soon see further losses

The intense selling pressure seen here slowed its ascent and caused it to reel down towards ,200, taking Ethereum and other altcoins down with it.
At the time of writing, Ethereum is trading up nearly 5% at its current price of 5. This is around the price at which it was trading at prior to the recent selloff that led it to lows of 8.
Image Courtesy of Cactus. Chart via TradingView.

Featured image from Unsplash.
Chart from TradingView.

Ethereum and the entire crypto market have been put in a precarious situation throughout the past few days and weeks, with buyers being unable to maintain control following Bitcoin’s rejection at ,200.
As such, a visit to this level may be vital for the crypto to form a sustainable bottom that kicks off an uptrend.
Much like BTC, ETH was able to post a notable rebound from its recent lows and is now trading around the level at which it has been at throughout the past few days.

Analyst: ETH has Yet to Reach Critical Support 

The cryptocurrency has primarily been caught within a bout of sideways trading for the past few days, with bulls trying to figure out what comes next following the intense decline from its 0 highs.
“ETH / USD: We didn’t even get a chance to see this major buy zone before buyers once again step in a aggressively and defend price action, anything sub 0 and buys are confident. Would love to see a retest of 0 over the weekend,” he said.

One analyst is noting that it has yet to tap a critical support region. This could indicate that further downside is imminent before a macro bottom is formed.

Where it trends next will likely depend on Bitcoin, which is also caught within a consolidation phase.
One analyst observed that Ethereum’s bedrock support exists within the lower-0 region, and has yet to be tapped by the cryptocurrency.

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