Ethereum showing some signs of underlying weakness despite some strong price action over past few days
Ethereum price is currently showing some signs of potential weakness despite having seen some intense price action in the past few days. After hovering in the upper area of the long-established trading range, the downward movement of Bitcoin and the cryptocurrency market forced ETH to decline.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price has not declined below any critical support levels
One analyst noted that its closest support is crucial for it to continue defending, as a break below could be all that is needed for ETH to set lower lows. Ethereum is closely monitoring the price action seen by the cryptocurrency market.
This exposed it with some minor downsides in the past day, as Bitcoin’s rejection of $ 9,500 has cost major altcoins some of the profits they have made over the past few days.
Analysts are currently noticing that ETH is in a precarious position, as it is currently trading just above the level of creating or breaking the level that could identify trends in the coming weeks.
At press time, Ethereum is trading just over 1% at its current price of $ 240. This marks a noticeable decline from the recent high of $ 250 placed at the highest level of the uptrend. recently. $ 250 happens to mark the upper boundary of the long-held cryptocurrency trading range, with the lower boundary existing around $ 230.
ETH has recently been trading below the lower boundary of this range for an extended period of time, but a break back above that is what helped its price rise higher.
According to analyst Crypto Rangutang, he is expecting ETH to see further downside until it can regain its previous support at $ 242.
— #DYORangutang (@cryptorangutang) July 10, 2020
Meanwhile, Cactus analysis explains that $ 238 is an essential level that buyers need to protect, as the drop below it will pave the way for Ethereum to see lower levels.
“ETH HTF Update: Currently PA is testing $238 which previously was a strong level of resistance, LTF seems to be holding as support for the moment but this is supercritical for bulls to hold. If we break down from here likely we see a lower low.”
Cactus Chart via TradingView
How the trend in the coming weeks can only focus on its response to this critical short-term level.
You can also check Ethereum Price here.
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