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After losing its foothold within the lower-$170 region, Ethereum’s recently incurred upwards momentum appears to have faltered, as ETH has now dropped below the $170 level as Bitcoin revisits its key near-term support level at $8,000.
Analysts are now expressing mixed sentiments when it comes to ETH, but are generally offering a sentiment that can best be defined a tempered bullishness, with some offering near-term targets of over $180, while others anticipate it to visit $230 next.
Ethereum Dips Below $170 as Bitcoin Faces Increased Selling Pressure
At the time of writing, Ethereum is trading down over 3% at its current price of $167, which marks a slight retrace from its recent highs of nearly $176 that were set yesterday.
It is important to note that Ethereum – unlike Bitcoin and other major altcoins – has been able to post a relatively strong bounce from its recent lows that were set at under $160 earlier this past week.
In the near-term, analysts believe that ETH could climb to the upper boundary of its recently established trading range between roughly $167 and $183, but it is imperative that it bounces at its current price level or else significantly further losses could be imminent.
CryptoGainz, a popular crypto analyst on Twitter, spoke about this in a recent tweet, noting that he thinks ETH will visit $180+ next.
“$eth looks good to me. bullish s/r flip on the 30M. rejection of lows on the 4H. I think we see 180+,” he noted.
https://twitter.com/CryptoGainz1/status/1178098405589049344
Could ETH Soon Form a Fresh Upwards Leg Towards $230?
CryptoGainz is not alone in his bullish near-term assessment of Ethereum’s price action, as Nik Patel, another popular crypto analyst, explained in a recent blog post that he believes ETH will face some consolidation at its current price levels before surging back towards its multi-month highs around $230.
“Lending further weight to the bullish scenario is the bullish divergence printed on the wick down to $151. As such, I am expecting some consolidation here followed by another leg up to test $230,” he noted.
Although Ethereum on its own may soon incur some bullishness, it is highly probable that its near-term price action will remain strongly correlated to that of Bitcoin’s.
Featured image from Shutterstock.
