Ethereum and the entire crypto markets have descended downwards over the past several days, primarily due to the fact that Bitcoin has been unable to advance past the upper-$8,000 region, which has sparked a widespread sell-off that has had a fairly significant impact on most altcoins, including ETH.
Now, analysts believe that Ethereum’s current selling pressure could continue to perpetuate, which may lead it to extend its losses to as low as $200 in the near future.
Ethereum (ETH) Faces Increasing Selling Pressure as Crypto Markets Plunge
At the time of writing, Ethereum is trading down over 5% at its current price of $234, down significantly from its daily highs of nearly $250.
Ethereum has been slowly grinding lower over the past week, as it has fallen from weekly highs of over $270 and is currently trading at weekly lows.
Importantly, ETH is currently trading up significantly from its one-month lows of $167, which were set roughly four weeks ago. When considering this, it is clear that the cryptocurrency is still in an uptrend over a longer time frame, despite its recent instability.
Although the uptrend may still be intact, it is important to note that where Ethereum heads next will likely be determined by Bitcoin’s near-term price action, which is, likewise, also looking somewhat bearish.
As for where Ethereum may land before the selling pressure lets up, one analyst believes it is heading for $200.
“$ETH is going to $200 and only a miracle can save it,” Mohit Sorout, a cryptocurrency analyst on Twitter recently said.
$ETH is going to $200 and only a miracle can save it. pic.twitter.com/faWP19GTjj
— Mohit Sorout ? (@singhsoro) June 9, 2019
Analysts Concur That ETH Has Significantly Further Room to Fall
Sorout is not alone in his assessment that Ethereum may drop significantly further in the near future, as other analysts are currently expressing similarly bearish assessments.
DonAlt, another popular cryptocurrency analyst on Twitter, noted in a recent tweet that he believes ETH could continue dropping until it finds support around its weekly support level that exists between $190 and $200.
“$ETH upd: A few ups and downs later & this still looks terrible to me. I’m glad I jumped off the altpairs are looking good bandwagon at the right time, most of the recent drop is due to ETHBTC underperforming. Bad sign for alts in general. New invalidation = closes above $250,” he said.
$ETH upd:
A few ups and downs later & this still looks terrible to me.
I'm glad I jumped off the altpairs are looking good bandwagon at the right time, most of the recent drop is due to ETHBTC underperforming.
Bad sign for alts in general.New invalidation = closes above $250. pic.twitter.com/Kkp4JvqC02
— DonAlt (@CryptoDonAlt) June 9, 2019
As the weekend wraps up and the fresh week of trading begins, it is likely that analysts and traders alike will soon gain greater insight into whether or not Ethereum and the aggregated markets will continue to plummet lower before they find support.
Featured image from Shutterstock.
