THELOGICALINDIAN - Ethereum is currently attempting to backlash afterwards coast to lows of 350 beforehand today Although the antecedent acknowledgment to this akin was bullish ETH has been clumsy to advance its upwards momentum
As such, the badge may now be positioned to see added downside in the near-term. This may depend somewhat on Bitcoin, as it has been durably allegorical ETH and added above altcoins.
BTC is currently blame up adjoin its $11,000 resistance, which has accurate to be insurmountable.
While speaking about Ethereum’s near-term outlook, one analyst acicular to bristles simple factors that advance it may anon see a notable attempt lower.
Ethereum Struggles to Find Stability as Selling Pressure Ramps Up
At the time of writing, Ethereum is trading alongside at its accepted amount of $355. This marks a slight abatement from circadian highs of $367, but a animation from lows of $350.
The animation from these lows at aboriginal was acute but has back absent its momentum. This could beggarly that added downside is approaching in the near-term.
This has been a historically important abutment level, so a breach beneath this could atom an accelerated abatement bottomward appear the abutment amid $315 and $325.
Here are Five Factors That Point to Underlying ETH Weakness
To absolve a bearish sentiment, one analyst afresh pointed to bristles factors that he believes could beggarly downside is approaching for the cryptocurrency.
The assemblage of all these factors does announce that the DeFi advertising aeon that helped drive Ethereum to highs of $490 is rapidly advancing to an end.
This could announce that added downside is approaching for the cryptocurrency.
