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Do or Die: Ethereum Tests Critical Support Region as Bears Try to Regain Control

10/17/2020

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  • Ethereum has been struggling to garner any technical strength 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 is quite bearish
  • Where the entire market trends next will likely depend on Bitcoin, but any near-term BTC downside could force ETH below a critical support level
  • It is currently trading just a hair above this level, and one analyst is noting that a break below it could lead to a sharp selloff that erases all of its recent gains

Ethereum and the entire crypto market have lost their momentum, with many altcoins drifting lower as Bitcoin remains stable around $11,400.

The entire crypto marketโ€™s near-term outlook hinges largely on that of Bitcoin. Until the benchmark cryptocurrency can gain some momentum, altcoins will likely continue seeing some underperformance.

One analyst is now noting that Ethereumโ€™s recent decline has driven it down towards a crucial support level that must be defended.

He says that a failure for ETH to remain above this level would be quite grim and potentially have dire impacts on its near-term outlook.

Ethereum Struggles Alongside Bitcoin as Selling Pressure Remains Intense

At the time of writing, Ethereum is trading up just under 1% at 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 recent upswing.

From here on out, its price has been drifting lower โ€“ being unable to garner any clear momentum in either direction.

Until it breaks its current consolidation phase and rallies higher, its near-term outlook may remain somewhat grim.

Analyst: ETH is About to Reach a โ€œDo or Dieโ€ Level as Selloff Continues

While sharing his thoughts on where Ethereum might trend next, one analyst explained that the $360-365 region is a critical support for ETH.

He believes that downside could be imminent if this region is broken below.

โ€œETH / USD: Here we go, major region being retested, previous resistance now looking for it to be maintained as support. This region between $365-$360 is one of the most important ranges, without it holding as support we could very quickly head back to the local lows. No panic.โ€

Ethereum

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

If this level is defended, however, it could act as a launchpad that helps send Ethereum significantly higher.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/2Hb41B8
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