- Ethereum’s price action has largely been in sync with that of Bitcoin and the entire crypto market
- Bulls and bears have both attempted to control its mid-term trend, but this has just resulted in a prolonged bout of sideways trading
- One analyst believes that the market might see some slightly further selling pressure in the near-term, which could slow its ascent and cause it to reel lower
- He is specifically setting his sights on a move to $340, noting that this is a strong support level that could slow its descent
- That being said, he is also pointing to a few external factors that all indicate downside is imminent for the entire crypto market
Image Courtesy of Chase_NL. Chart via TradingView.
At the time of writing, Ethereum is trading up 2% at its current price of 7. This marks a notable upswing from daily lows of 0 that were set around this time yesterday.
That being said, it still is trading well below its crucial resistance region between 0 and 0. Until this area is flipped into support, bears may have an edge over bulls.
One trader is expecting further downside for Ethereum before it has a chance to reverse its downtrend.
He is specifically targeting a move to 0 in the near-term.
Ethereum Struggles to Incur Strong Momentum as It Remains Below $380
Ethereum’s price action has been much like Bitcoin’s as of late, offering few insights into its short-term strength as both bulls and bears struggle.
Featured image from Unsplash.
Charts from TradingView.
Analyst: ETH to Sink Towards $340 in the Near-Term
It is important to note that the recent push higher has come about in tandem by one seen by Bitcoin, as the benchmark crypto is now moving towards ,000.
For Ethereum, bears may still remain somewhat in control until it is able to break above the 0 to 0 region.
Today, ETH has incurred some slight upwards momentum that certainly bodes well for its short-term outlook.
One popular trader who has been growing increasingly bearish on Ethereum noted that he is now watching for a swift move down to 0.
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