HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Ethereum is Attempting to Form Long-Term Bottom Against BTC, Claims Analyst

Altcoins 2019/11/24 22:30 by Cole Petersen

Bitcoin’s recent turbulence has spilled over into the aggregated crypto markets, leading most major cryptocurrencies to form a close correlation with its price action – which has proven to be highly bearish for Ethereum (ETH) and other major altcoins.

In spite of this near-term bearishness, analysts are noting that Ethereum may be attempting to form a long-term bottom against its BTC trading pair, which could mean that it will begin finding some upwards momentum in the near-term.

Ethereum Plummets Towards $140 Amidst Early-Morning Sell-Off

At the time of writing, Ethereum is trading down over 4% at its current price of $146.00, which marks a massive sell-off from its weekly highs of nearly $180.

Ethereum’s bearishness in recent times came about after it attempted to break above $190 on multiple occasions, which ultimately proved to be futile and helped perpetuate its downwards momentum.

This bearish momentum was further perpetuated by Bitcoin’s recent downtrend, which began when it failed to find enough buying pressure to maintain the upwards momentum that sent it from lows of $7,300 to highs of $10,600.

ETH has been able to find strong support at $144 over the past 24-hours, which may signal that this is a near-term support level that will help bolster its near-term price action.

The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Ethereum may drop to the $120 region before it finds enough support to begin climbing higher.

“$ETH Descending triangle is completed! This pennant typically breaks down as displayed. I think we could see $126-$130 region,” she explained in a recent tweet.

Is ETH Attempting to Form a Bottom Against BTC?

Jonny Moe, another prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes ETH is currently showing some signs of forming a mid-term bottom against its Bitcoin trading pair, in spite of The Cryptomist’s bearish assessment of the cryptocurrency.

“Possible bottoming attempt on $ETH on the $ETHBTC pair. Interested to see how this plays out,” he explained while pointing to the chart seen within the below tweet.

It is probable that Bitcoin’s near-term price action will have an impact on Ethereum’s price action, as any massive downwards movement will likely lead ETH and other major altcoins to concurrently plummet lower.

Featured image from Shutterstock.

The post Ethereum is Attempting to Form Long-Term Bottom Against BTC, Claims Analyst appeared first on NewsBTC.

0 Like(s)



You should also read...

Altcoins 23/11/19 00:00 by Cole Petersen
Analyst: Ethereum May Target $120 Next, and History May Support This
Ethereum (ETH) has been incurring significant selling pressure over the past couple of weeks, mirroring the bearish price action that Bitcoin has been facing in the time since it plummeted from its re...
Read More
Altcoins 30/11/19 22:30 by Cole Petersen
Will Ethereum’s Fundamentals Propel it Higher? Analysts are Conflicted
Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, with BTC leading ETH to put some significant distance between its current price levels and recent lows...
Read More
Altcoins 14/12/19 22:30 by Cole Petersen
Ethereum Could Plummet to Lower-$100 Level if Bulls Fail to Hold Key Support Level
Ethereum has been closely tracking Bitcoin’s price action in recent times, which has proven to be largely bearish. Both BTC and ETH are now trading at key support levels, and any further near-term d...
Read More
Altcoins 28/04/20 03:00 by Cole Petersen
Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern
Ethereum, like most of its peers, has incurred a slight amount of selling pressure today that has led it to decline from highs of just under $200 that were set yesterday. This tempered move lower come...
Read More
Altcoins 06/06/20 20:00 by Cole Petersen
This Ethereum Liquidity Trend Suggests ETH Bulls Are Incredibly Strong
Ethereum has been caught within a bout of sideways trading throughout the past several days and weeks, struggling to garner any decisive momentum as it hovers within the mid-$240 region. The crypto di...
Read More