Ethereum and the aggregated crypto markets have been able to incur some tempered bullishness today after facing notable selling pressure over the past couple of days, but analysts are still weary of where ETH and other altcoins will head in the near-term.
Importantly, one prominent analyst is noting that Ethereum has failed to break above the critical resistance level that lies directly above its price, which could mean that significantly further losses against its BTC trading pair are imminent.
Ethereum Climbs Slightly but Further Losses Could be Imminent
At the time of writing, Ethereum is trading down marginally at its current price of $184.40, which marks a slight climb from its daily lows of $180 that were set yesterday as the aggregated crypto market expressed significant weakness.
In the near-term it is imperative that bulls push the cryptocurrency higher, as it appears that $183 is its critical near-term support level, with a break below this level potentially leading it to drop significantly lower in the near future.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes a break below $183 could lead the crypto to drop straight down towards $174.
“$ETH: The re-test mentioned yesterday under progress right now. We fail this then $183, followed by $174. Should this fail, the Usd pairing of alts will drop also,” she noted while pointing to the below chart.
The re-test mentioned yesterday under progress right now
We fail this then $183, followed by $174
Should this fail, the Usd pairing of alts will drop also pic.twitter.com/cShviA7pTA
— The Cryptomist (@TheCryptomist) October 12, 2019
ETH Bears May Have Edge Over Bulls
It is important to note that Ethereum has failed to move above its key near-term resistance level, which could mean that bears currently have the upper hand over bulls.
Teddy, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes that ETH may drop significantly lower in the near-term if it fails to break above its near-term resistance level that has held strong for the past several months.
“#Ethereum – $ETH: Running out of juice? Price failed to break: – Downwards weekly resistance (early 2018 trend) – Break upwards of 16/22k dotted range (still stuck inside). Failure to break those two key levels, say goodbye to altseason and hello to bottom of dotted range,” he said while pointing to the below chart.
How Ethereum reacts to this resistance level the coming few days will likely set the tone for where it trends throughout the rest of 2019, with a break above this level possibly sparking the next bull run.
Featured image from Shutterstock.