Even though yesterday the Ethereum news showed that the cryptocurrency is trapped and quite clueless, today’s updates show that this situation may extend and ETH is primed for more downsides if the trend sustains.

All of this started when the analyst known as Mayne in the crypto circles posted a tweet where he explained the price point of Ether compared to the one of Bitcoin. He said:

“$BTC and $ETH: Looking like we are going to get some relief, the question is how high and do you short the bounce? FTA on BTC is $7400 – FTA on ETH is $145,”

Another popular cryptocurrency analyst named Galaxy talked about how ETH is primed for more downsides – especially because the cryptocurrency is now trading within a bearish pennant which could spell significant trouble for its short term price action soon. “$140 must hold or it’s heading to $110. $ETH” he concisely explained.

For now, it is very probable that Bitcoin’s price action will play a role in the major movements for Ether. However, we still don’t know if ETH is primed for more downsides or a break above $8,000 for BTC will confirm a bullish ETH prediction.

The past week, Ether plunged below $144 and $142 support levels against the US dollar. The price even spiked below the $140 support and a new monthly low was formed near $139. Later on, there was an upside correction above $142 and the upward move was capped by the $145 and $146 resistance zones.

Right now, ETH is primed to make a change and its current price at $143 shows that it is still trapped below the resistance zone. If the cryptocurrency falls now, it could definitely test the $140 support area again. On the upside, there are many hurdles near the $145 and $47 levels. A clear break above $145 is needed for a decent recovery.

The cryptocurrency news and charts now indicate that ETH is primed to visit higher grounds but the reality is that the cryptocurrency is facing tons of hurdles near the $144 and $145 levels. Therefore, the bears are likely to remain in action until there is a major change or potentially an altseason being triggered by any or all of the other altcoins.

 

 

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by
a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website,
feel free to contact us at [email protected]





Source link

Register at Binance