Ethereum enters a descending triangle since it was facing a significant influx of selling pressure in the last 24-hours which was partially been driven by the Bitcoin selloff earlier today as we are about to see in the latest ethereum news.
Bitcoin was trading below $8,000 and the analyst now expects that ETH is caught in a wide descending triangle that could send the crypto plummeting significantly lower in the short-term and the analysts believe that ETH will hit $170 as its next target. Ethereum is trading down by more than 5 percent at its current price of $175 which marks a huge drop from its recent highs of over $190 that was set last week when the ETH price surged towards $200 before incurring a massive influx of selling pressure.
It is important to note that Etheruem’s bearishness as of late has been the result of Bitcoin’s inability to find a decent stability within the lower $8,000 region as the bears were able to force BTC below the previous levels and towards the long-established support $7,800 and the lack of bullish momentum may spike some trouble in the near term. It still remains unclear whether or not the altcoins will be able to break from Bitcoin’s influence and it is probable that they will trend lower unless there was an event that sparks a fresh influx of capital into the markets. This bearish technical formation that Ethereum is currently caught may show to the possibility that could spike further losses that are imminent for the cryptocurrency as Ethereum enters the descending triangle similar to the one Bitcoin was caught in a few months prior to the drop below $10,000.
The popular crypto analyst on Twitter- the Cryptomist explained that more than 40 thousand followers about this formation explaining that she believes that ETH will target $170 next:
“$ETH: Descending triangle, similar set up to what btc was yesterday before the drop (see yesterday bitcoin post). We may have one more resistance touch before drop too $170.’’
If Bitcoin finds massive support around its current price levels and if it goes even higher, it is highly likely that the major altcoins such as Ethereum will continue to trend lower until the markets are able to incur a decisive uptrend.
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