Analyst: Ethereum is in a critical area
Ethereum has closely monitored Bitcoin's price performance over the past day, which has caused Bitcoin to enter a consolidation phase again. In the short term, analysts find that Ethereum is currently approaching a critical level of support that needs to be defended. At the same time, a top trader finds that ETH appears to be extremely declining versus its USD trading pair, suggesting that a decline could be imminent in the coming days.
Ethereum consolidates alongside the aggregate crypto market
At the time of writing, ETH will be at 135 Dollar traded and is currently slightly below the daily highs of $ 140. This price action goes hand in hand with that of Bitcoin, which is also currently consolidating after several attempts to break the main resistance at around 6. 900 Failed to break dollar.
In the short term, Ethereum appears to be approaching an important level of support, with failure opening the way for a steep decline. Bagsy, a prominent crypto trader, recently tweeted about it and said:
Approaching support; I'm anticipating the midpoint holds here on a first test. pic.twitter.com/yDiEbMGxFE
– Bagsy (@imBagsy) March 25, 2020
DonAlt – a prominent crypto analyst on Twitter is also bearish and said:
“ETH: The USD pair looks even worse. ETH is around 90 % has fallen and is now in a range of lower highs and lows. I like being bullish like everyone else, but as long as ETHUSD is under $ 150 trades and closes, I see little reason to expect higher prices, ”he explained.
The USD pair looks even worse.
ETH dropped by 90 % and is now ranging putting in lower highs and lower lows.
I like being bullish as much as the next guy but as long as ETHUSD is trading & closing below $ 150 I see little reason to expect higher prices. pic.twitter.com/MANaB9O2jn
– DonAlt (@CryptoDonAlt) March 25, 2020
Since Ethereum is initially in step with Bitcoin, ETH will likely depend solely on how BTC relies on its resistance at $ 6. 900 reacts.
Proof of text: newsbtc
Top broker for buying and trading cryptocurrencies
Cryptocurrencies are a very volatile, unregulated investment product. Your capital is at risk.