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Do or Die: Ethereum Tests Critical Support Area as Bears Attempt to Regain Control

Do or Die: Ethereum Tests Critical Support Area as Bears Attempt to Regain Control

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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

Featured image from Unsplash.

1 analyst is now imagining that Ethereum’s recent drop has driven down it towards a crucial support level that must be defended.
Ethereum
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.

Analyst: ETH is About to Attain a”Do or Die” Level as Selloff Continues

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.

Ethereum Struggles Alongside Bitcoin as Selling Pressure Remains Intense

  • Ethereum has been unable to garner any technical advantage in the time following its dip below $380
  • This is a critical level that has determined its trends in the past, and the break below It’s quite bearish
  • Where the Whole market trends next will probably depend on Bitcoin, but any near-term BTC disadvantage could force ETH under a critical support level
  • It’s currently trading just a hair over this amount, and one analyst is imagining that a break below it could lead to a sharp selloff that erases all of its recent gains

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.

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