Ethereum is slipping lower despite a 5% rally in the price of Bitcoin, seemingly spurred by the inflows of MicroStrategy’s latest over $100 million BTC purchase. The leading cryptocurrency has slid from its local highs near $390, set last week, to $355 as of this article’s writing. The coin reached as high as $375 earlier Tuesday.
While Bitcoin is holding up well, trading for $10,750 as of this article’s writing, analysts are once again getting bearish on the crypto market’s prospects.
One trader thinks that Ethereum is primed to plunge under the critical $300 support level to lows not seen in over a month. This drop could mark the end of the ongoing “altcoin season” that has sent many cryptocurrencies skyrocketing higher over recent months.
Here’s Why an Analyst Thinks Ethereum Could Soon Fall Under $300, Then Even Lower
Ethereum could soon hit $240 as selling pressure mounts, one trader recently បានស្នើ:
“Actually just going to pitch straight for $240 as the target for $ETH. Rejection looking rough still on the Daily, nothing that’s changed the trade or the plan.”
Chart of ETH's price action over the past few years with analysis by crypto trader Cold Blooded Shiller (@ColdBloodShill on Twitter). Chart from TradingView.com
Despite the short-term weakness, analysts remain convinced that Ethereum’s long-term trend is still skewed positive. One trader shared the chart below, showing that ETH’s recent moving average action looks similar to Bitcoin did in 2016. This suggests that ETH will soon move higher than $1,000, which would mark an over 200% rally from current levels:
បច្ចុប្បន្នអេមអេសអេអេសអេសអិលបានតម្រឹមតាមការកើនឡើងដ៏ល្អឥតខ្ចោះដូចនៅស៊ីធីធីក្នុងឆ្នាំ ២០១៦ ។
Eyes on the FOMC Announcement
What may save Ethereum in the short term is the upcoming FOMC announcement by Federal Reserve Chairman Jerome Powell.
The Federal Open Market Committee will announce tomorrow potential changes or shifts in monetary policy and the economy that could positively affect all asset prices, Ethereum included.
រូបភាពដែលមានលក្ខណៈពិសេសពីស្លាកតម្លៃ Shutterstock៖ ឥរិយាបទឥរិយាបថអេមប៊ីតពី TradingView.com Here's Why an Analyst Thinks Ethereum Will Soon Hit $240