Do or Die: Ethereum Tests Critical Support Region as Bears Try to Regain Control
If this amount is defended, however, it might act as a launchpad which helps send Ethereum significantly greater.
Released at Sat, 17 Oct 2020 19:00:21 +0000
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1 analyst is now imagining that Ethereum’s recent drop has driven down it towards a crucial support level that must be defended.
Ethereum and the whole crypto market have lost their momentum, with many altcoins drifting lower as Bitcoin remains stable around $11,400.
He states that a failure for ETH to remain above this amount would be quite grim and potentially have dire impacts on its near-term outlook.
From here on out, its cost has been drifting — being not able to garner any clear momentum in either direction.
Source: ETHUSD on TradingView.
He believes that drawback could be imminent if this area is broken below.
The whole crypto market’s near-term outlook hinges largely on that of Bitcoin. Until the benchmark cryptocurrency can get some momentum, altcoins will probably continue seeing some underperformance.
“ETH / USD: Here we go, major area being retested, previous resistance now searching for it to be maintained as support. This area between $365-$360 is among the most significant ranges, with no holding as service we can very quickly head back to the local lows. No panic.”
Until it breaks its current consolidation phase and rallies higher, its near-term prognosis may remain somewhat grim.
At the time of writing, Ethereum is trading up just under 1 percent in its current price of $368. This marks a notable decline from its recent highs of $395 set just a few days ago at the peak of its latest upswing.
While sharing his thoughts on where Ethereum might trend next, one analyst explained that the 360-365 area is a crucial support for ETH.