Ethereum Likely to See Further Downside as Analysts Eye Movement to $130 Region
Bitcoin’s recent bout of heightened volatility has spilled over into the aggregated crypto markets, leading major altcoins like Ethereum (ETH) to similarly incur choppy trading that is uncharacteristic of the price action that has been seen over the past month.
This choppy trading may prove to ultimately be a negative thing for Ethereum and other major altcoins, as analysts are noting that they anticipate ETH to see significantly further losses in the near-term as Bitcoin ranges within the mid-$7,000 region.
Ethereum Hovers Below $150 as Choppy Trading Ramps Up
At the time of writing, Ethereum is trading down just over 1% at its current price of $148, which marks a notable decline from its weekly highs of $156, and only a slight climb from its weekly lows of $144 that were yesterday.
Over the past several days, ETH has been caught in a firm and enduring trading range between $144 and $151, and it has failed to break above or below either of these boundaries since the beginning of December.
Concurrently with this bout of choppy trading, Bitcoin has been facing unusual price action that led it to surge from lows of $7,000 to highs of $7,800, which was followed by a sharp retrace back down to the lower-$7,000 region.
This volatile price action has made it increasingly unclear as to what type of near-term trend the crypto is caught within, and it is highly probable that how Bitcoin trends in the coming days and weeks will guide the aggregated crypto market.
ETH May Soon Dip to $130 Region, Claims Analyst
As for where Ethereum will trend once it breaks out of its current trading range, HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes the next move will be south, with a short-term target of $137.
“$ETH short idea: Same idea as BTC, buy-side liquidity nuked coupled with MO rejection leads me to believe the next move is to the south. Expecting the previous support level to flip as resistance (shown in red),” he noted while pointing to the chart seen below.
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$ETH short idea
Same idea as BTC, buy-side liquidity nuked coupled with MO rejection leads me to believe the next move is to the south. Expecting the previous support level to flip as resistance (shown in red). pic.twitter.com/qnUeb7Scmq
— HornHairs (@CryptoHornHairs) December 4, 2019
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In order for this bearish possibility to be confirmed, it is highly probable that Bitcoin will have to make a movement below its near-term support levels within the lower-$7,000 region, which could guide the entire markets lower.
Featured image from Shutterstock.
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