Ethereum has been leading the recent surge seen across the aggregated crypto market and was able to decisively break past $190. This upwards momentum has allowed ETH to erase much of its recent losses, but a downturn amongst other major cryptocurrencies could spell trouble for its near-term price action.
Now, multiple analysts are noting that they are targeting an ETH retrace towards $180, which would mark a nearly 6% decrease from its current prices.
Ethereum Surge Slows as Crypto Markets Inch Lower
At the time of writing, Ethereum is trading up over 1% at its current price of $191, which marks a significant rise from its weekly lows of roughly $175.
This rise from its recent lows is certainly a bullish sign for the cryptocurrency, as it signals that its bulls currently have major strength, which may be emblematic of the Ethereum network’s improve fundamental strength.
Its recent rise, however, has been slowed by the downturn in the aggregated crypto market, as Bitcoin was unable to remain stable in the mid-$10,000 region and is now nearing its key support level at $10,000.
As for what this BTC downturn means for ETH’s near-term price action, Cantering Clark, a popular crypto analyst on Twitter, explained that he is watching two key levels, with an upside target of $231 and a near-term downside target of roughly $183. It now appears that a visit to the aforementioned downside target is likely in the near-term.
“Not interested in $ETH unless we get one of two situations drawn. A break up (1) that occurs 1.5-3X normal ATR would be mega bullish. Lower probability NT positive outcome for (2). As I said before, $ETH did lead the bull market and acted like a high beta stock relative to $BTC,” Clark noted while pointing to the below chart.
Not interested in $ETH unless we get one of two situations drawn. A break up (1) that occurs 1.5-3X normal ATR would be mega bullish. Lower probability NT positive outcome for (2).
— Cantering Clark (@CanteringClark) September 16, 2019
ETH Caught in Tight Trading Range
Clark is not alone in his somewhat bearish near-term assessment of Ethereum, as Trading Room, a popular crypto analyst on Twitter, explained in a recent tweet that they are looking to long ETH once it visits between $180 and $182.
“#ETHUSDT – Long Short Zones. 203-206 Short Zone. 180-182 Long Zone. Playing the Range until big breakout,” they explained.
#ETHUSDT – Long Short Zones
203-206 Short Zone
180-182 Long Zone
— Trading Room (@tradingroomapp) September 16, 2019
Because Bitcoin is currently facing growing selling pressure, it is highly likely that Ethereum’s next target will be in the lower-$180 price region.
Featured image from Shutterstock.
Credit: Source link