The ETH bullish argument is losing steam as the $570 level got lost and now ethereum is primed to move lower in the upcoming days so let’s check up on the latest Ethereum price analysis.
ETH is expected to see more weakness in the near-term as it slid below the key technical level with BTC. Another crypto analyst shared a chart showing that ETH is moving below the range lows in the $570 region. He believes that as long as ETH holds below $570, the bear case in the near-term will remain unmoved. The ETH bullish argument lost its steam as the coin is primed for another move lower in the days ahead as it dropped below 0 for the first time in days.
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The leading cryptocurrency is moving lower after BTC Started dropping a day ago as it finally dropped below $18,750, dropping lower towards $18,250. At the time of writing, BTC now trades at $18,300 while this was above the support level of $18,000, it is below the key technical level that supported BTC on the way up. ETH is expected to see more weakness in the near-term as it also moves below the key technical level. another key analyst shared a chart showing that ETH Is moving below the range lows of the $570 region. The analyst believes that the short-term bear case will remain intact If the cryptocurrency remains below $570:
“$ETH Looks to me like a loss of our range low. Ethereum would need to get above 570 soon for the bullish argument to remain intact. I’ll be looking to buy this dip around the levels I’ve marked.”
The trader added that he will look to long the asset at the marked levels as per the charts, there’s support coming up the $550 region while there won’t be a lot left until $520 if the region breaks. Analysts remain confident about the long-run price prospects of ETH due to the fact that ETH 2.0 was recently launched. Ethereum is in a positive state on a macro time frame but unfortunately for the ETH Bulls, analysts believe that BTC will correct to the downside as well.
Commenting on the Bitcoin outlook, the leading crypto-asset analyst said:
“Starting to look like the flip into the corrective mode. You can say hodl all you like, but it’s irrelevant at the frothy end of the market, where all the leveraged up, FOMO’d, moonboys piled in. That’s parabolas for you.”
Ethereum will move lower if Bitcoin does too unless there are factors that affect BTC but not ETH.
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