Ethereum to See Further Losses as Crypto Market Becomes “Beyond Bearish”

Ethereum to See Further Losses as Crypto Market Becomes “Beyond Bearish”

  • Ethereum and the aggregated crypto market have been caught in the throes of a strong downtrend throughout the past 24-hours
  • This has come about due to multiple macro developments, including news about President Trump’s health as well as the government’s decision to chart the BitMEX owners
  • Despite the overt bearishness of these sellable news events, both Ethereum and Bitcoin are still sitting above their multi-week lows
  • That being said, one analyst is expecting Ethereum to see further downside in the near-term
  • He is specifically looking towards a move down to its next support levels at either $325 or $315

Despite ETH’s weakness, it is essential to note that it is still trading up from its multi-week lows of 5 set during the recent market-wide downturn.
Image Courtesy of Chase_NL. Chart via TradingView.

Featured image from Unsplash.
Charts from TradingView.

ETH’s price is currently underperforming Bitcoin’s as investors are keen on fleeing any altcoins due to the risk of them seeing heightened volatility going forward.

Ethereum Price Dives Lower as Market Grows Weak

One analyst believes that the aggregated crypto market’s near-term trend is now firmly in bears favor.
As such, he is expecting Ethereum to see further downside, specifically putting forth a downside target within the lower-0 region.
Bitcoin is currently outperforming ETH, only trading down 2% at the present moment.

Here’s Why ETH Could See Even Further Downside 

While sharing his thoughts on the present state of the crypto market, one analyst called it “beyond bearish.”
As such, he notes that Ethereum’s price will continue diving lower before it can find enough support to slow its descent and rally higher.

At the time of writing, Ethereum is trading down just under 5% at its current price of 7. This marks a notable decline from recent highs of 5 that were set just before the drop that came about following President Trump’s announcement.

“ETH update: Closed 20% of my position here. I did plan to close more, but Americans are not even awake yet and the current atmosphere is beyond bearish IMO. Protecting spot holdings as well even though I’m quite balanced already. Added earlier at 350 as well.”
Ethereum and the entire cryptocurrency market are facing some immense turbulence at the moment, with sellers taking this as an advantage to bolster the sell-side pressure.

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