Ethereum price will continue diving lower before it can find enough support to slow its descent and rally higher

Ethereum and the cryptocurrency market have been caught in the throes of a strong downtrend throughout the past 24-hours. This has come about due to multiple macro developments, including news about President Trump’s health as well as the government’s decision to chart the BitMEX owners. Despite the overt bearishness of these sellable news events, both Ethereum and Bitcoin are still sitting above their multi-week lows. That being said, one analyst is expecting Ethereum price to see further downside in the near-term.

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ETH/USD 4-hour chart | Source: TradingView

Ethereum price dives lower as the market grows weak

At press time, Ethereum is trading down just under 3% at its current price of $345. This marks a notable decline from recent highs of $355 set just before the drop that came about following President Trump’s announcement. Bitcoin is currently outperforming ETH, only trading down 2% at the present moment.

Despite ETH’s weakness, it is essential to note that it is still trading up from its multi-week lows of $315 set during the recent market-wide downturn.

While sharing his thoughts on the crypto market’s present state, analyst Chase NL called it beyond bearish. He expects Ethereum to see further downside, specifically putting forth a downside target within the lower-$300 regions.

He stated:

“ETH update: Closed 20% of my position here. I did plan to close more, but Americans are not even awake yet, and the current atmosphere is beyond bearish IMO. Protecting spot holdings as well, even though I’m quite balanced already. Added earlier at 350 as well.”

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The entire market trends next will likely depend on Bitcoin, which makes its reaction to its $10,200 support crucial for Ethereum and other Altcoins.

You can see the ETH price here.

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