Ethereum Trapped Beneath Multi-Year Resistance as Analysts Target Further Losses
Ethereum and most major altcoins have been closely tracking Bitcoin’s price action as of late, and the aggregated market has been unable to find any decisive momentum over the past few weeks. This lack of momentum has caused ETH to hover around the $150 region as bulls and bears remain deadlocked.
Analysts are now noting that Ethereum may soon see significantly further losses as it fails to break above a descending resistance line that has held strong for two years.
Ethereum Stable Around $150
At the time of writing, Ethereum is trading up marginally at its current price of $149, which marks a slight climb from its daily lows of $147.
Over the past week, Ethereum has found itself caught within an incredibly tight trading range between $144 and $152, and it appears that this trading range been tightening, as ETH has been trading between $148 and $150 over the past couple of days.
This bout of sideways trading came about after ETH incurred tremendous volatility in the latter part of November, when the cryptocurrency plummeted from $190 to lows of $135, which occurred concurrently with Bitcoin’s capitulatory drop to lows of $6,500.
This lackluster price action as of late has made it unclear as to whether or not the market’s recent lows will mark a long-term bottom, or if they will face further losses before finding any significant support that can help establish a long-term bottom.
Analyst: ETH Likely to See Significantly Further Losses in Near-Term
Teddy, a popular cryptocurrency analyst on Twitter, elucidated why he is currently bearish on Ethereum’s price action in a recent tweet, noting that its inability to break above a multi-year descending resistance line is one factor that signals that further losses are imminent for the cryptocurrency.
“#ETHEREUM | $ETH: Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy: – is hitting lower support levels and thus cover those gaps burning my eyes – look at that 2 year long resistance, NOT a scratch. @VitalikButerin – maybe you can pump it,” he explained while pointing to the chart seen below.
#ETHEREUM | $ETH
Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy:
– is hitting lower support levels and thus cover those gaps burning my eyes
– look at that 2 year long resistance, NOT a [email protected] – maybe you can pump it pic.twitter.com/kbBDQaRTXI
— TEDDY (@teddycleps) December 7, 2019
While looking at this chart, it appears that Teddy is targeting 0.011 BTC for Ethereum’s next price target, which would mark a notable decline from its current BTC price of 0.0197 BTC.
Featured image from Shutterstock.
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