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Bitcoin’s recent turbulence has spilled over into the aggregated crypto markets, leading most major cryptocurrencies to form a close correlation with its price action – which has proven to be highly bearish for Ethereum (ETH) and other major altcoins. In spite of this near-term bearishness, analysts are noting that Ethereum may be attempting to form a long-term bottom against its BTC trading pair, which could mean that it will begin finding some upwards momentum in the near-term. At the time of writing, Ethereum is trading down over 4% at its current price of $146.00, which marks a massive sell-off from its weekly highs of nearly $180. Ethereum’s bearishness in recent times came about after it attempted to break above $190 on multiple occasions, which ultimately proved to be futile and helped perpetuate its downwards momentum. This bearish momentum was further perpetuated by Bitcoin’s recent downtrend, which began when it failed to find enough buying pressure to maintain the upwards momentum that sent it from lows of $7,300 to highs of $10,600. ETH has been able to find strong support at $144 over the past 24-hours, which may signal that this is a near-term support level that will help bolster its near-term price action. The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Ethereum may drop to the $120 region before it finds enough support to begin climbing higher. Jonny Moe, another prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes ETH is currently showing some signs of forming a mid-term bottom against its Bitcoin trading pair, in spite of The Cryptomist’s bearish assessment of the cryptocurrency. It is probable that Bitcoin’s near-term price action will have an impact on Ethereum’s price action, as any massive downwards movement will likely lead ETH and other major altcoins to concurrently plummet lower.
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Ethereum is Attempting to Form Long-Term Bottom Against BTC, Claims:
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