Analysts Believe Ethereum Faces Possible Bearishness in Near-Term as Bitcoin Strengthens
Ethereum (ETH) has had a very positive past few months, putting a significant amount of distance between its current price levels and its year-to-date lows, which currently exist below $100.
Despite this, Ethereum is continuing to face strong resistance around its current price levels, and analysts believe it may soon incur a sudden influx of selling pressure despite there being strength in the aggregated crypto markets.
Ethereum Faces Resistance Around $270 As Buying Pressure Slows Down
At the time of writing, Ethereum is trading up over 1% at its current price of $267.8 and is up slightly from daily lows of $263.
Ethereum has been consolidating for the past month, ranging between roughly $230 and $280, with the former level being a strong region of support, and the latter price being a strong level of resistance.
In the past seven days, ETH has narrowed its trading range to $240 to $275, and appears to be finding some support in the lower $260 region.
C3P0, a popular cryptocurrency analyst on Twitter, spoke about Ethereum’s price action in a recent tweet, telling his nearly 10k followers that a decisive break above $274 will lead ETH to surge towards $300, but further noting that a dip to $240 could spell trouble.
“$ETH D1: Rejected by the weekly once again. But imo if price reclaims 268, 274 will give in and 300$~ is the next target. Dip buying at 249 and no bueno below 240~,” he noted.
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Rejected by the weekly once again.But imo if price reclaims 268, 274 will give in and 300$~ is the next target.Dip buying at 249and no bueno below 240~ pic.twitter.com/jcy57CU30S
— C3P0 [I'm the Wookie] (@__BTC3P0__) June 19, 2019
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Importantly, it now appears that most major altcoins are gaining some independence from Bitcoin as the overall market conditions improve, so where ETH heads next may be entirely separate from where Bitcoin goes.
Analyst: In Order for ETH to Catch Up to Bitcoin’s Gains it Would Need to Surge to $750
Although Ethereum may face some short-term bearishness, it still has significantly further room to climb before it catches up to the monumental gains Bitcoin has incurred so far this year.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that ETH would have to surge to $750 in order for it to have catch up to Bitcoin, which may signal that further gains are imminent.
“$BTC vs $ETH: Today Bitcoin is down only around 53% from all-time high. But Ethereum is down around 83% from all-time high & could likely go lower as ETH/BTC doesn’t look great. For ETH to catch up to where BTC % currently is the price would have to hit $750. Think about that,” Rager cautiously noted.
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$BTC vs $ETH
Today Bitcoin is down only around 53% from all-time high
But Ethereum is down around 83% from all-time high & could likely go lower as ETH/BTC doesn't look great
For ETH to catch up to where BTC % currently is the price would have to hit $750
Think about that… pic.twitter.com/Ky00HuFme8
— Josh Rager (@Josh_Rager) June 19, 2019
As the week continues on and as investors gain a better understanding of whether or not Bitcoin’s price rise will directly translate into gains for the aggregated markets, it will likely grow clearer as to whether or not Ethereum will begin surging significantly higher in the coming months.
Featured image from Shutterstock.
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