There’s a good likelihood Ethereum price moves towards $350 in the near future

Ethereum price has risen slightly from its recent high after a sharp correction from its $ 390 high. At press time, ETH is currently trading at $ 375, slightly lower than those mentioned above high. Despite favorable trends like Bitcoin moving higher and a strong legacy market, analysts argue that ETH is in a short-term downtrend.

Ethereum price could drop to $ 350 soon

Ethereum is ready to fall after removing the support of an uptrend formed in early September.

Crypto trader Chase NL shared the chart below, noting that a recent technical reversal could result in a drop from $ 370 to around $ 355.

He stated:

“Safe to say we went a different direction than I originally intended, but I never lost sight of the liquidity I depicted in my previous tweet. It now looks to me that we are on our way to the triple lows. Fortunately, I hedged on my “On the Verge” post last night.”

This was echoed by another market commentator, who noted that Ethereum’s steady drop is setting it up for a decline to $ 330:

“Looking good now after the rough start to the trade. We are testing Monday’s midrange now. If we lose the weekly open then I’ll try to compound this targeting 355 then mid 330s. Took 50% off at the target and letting the rest ride for now. Should be a good week!”

The long-term trend is still bullish

Investors are still optimistic about Ethereum’s medium to long-term prospects despite current price weakness.

Chris Burniske – partner at Placeholder Capital and a former crypto-asset analyst at ARK Invest – recently found that most of his followers think ETH will finish 2020 above $ 500 and beyond.

Corroborating the expectations of upside, Ethereum has continued to see notable technical artists. Raul Jordan of Prysmatic Labs recently remarked that the ETH2 upgrade is set to go live in November:

“We can likely perform a feature freeze by mid-October, allowing us to only work on security improvements and UX before going live. If all goes well, November is still looking good for a launch from our perspective.”

The upgrade is expected to boost ETH’s potential by giving it a staking premium and giving it more capacity to process more transactions.

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