THELOGICALINDIAN - Ethereum and the absolute cryptocurrency bazaar are adverse some immense turbulence at the moment with sellers demography this as an advantage to bolster the sellside pressure
ETH’s price is currently underperforming Bitcoin’s as investors are agog on beat any altcoins due to the accident of them seeing acute animation activity forward.
One analyst believes that the aggregated crypto market’s near-term trend is now durably in bears favor.
As such, he addendum that Ethereum’s amount will abide diving lower afore it can acquisition abundant abutment to apathetic its coast and assemblage higher.
Ethereum Price Dives Lower as Market Grows Weak
At the time of writing, Ethereum is trading bottomward aloof beneath 5% at its accepted amount of $337. This marks a notable abatement from contempo highs of $355 that were set aloof afore the bead that came about afterward President Trump’s announcement.
Bitcoin is currently outperforming ETH, alone trading bottomward 2% at the present moment.
Despite ETH’s weakness, it is capital to agenda that it is still trading up from its multi-week lows of $315 set during the contempo market-wide downturn.
Here’s Why ETH Could See Even Further Downside
While sharing his thoughts on the present accompaniment of the crypto market, one analyst alleged it “beyond bearish.”
As such, he is assured Ethereum to see added downside, accurately putting alternating a downside ambition aural the lower-$300 region.
Where the absolute bazaar trends abutting will acceptable depend on Bitcoin, which makes its acknowledgment to its $10,200 abutment acute for Ethereum and added altcoins.
