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Ethereum’s price action has been closely tracking that of Bitcoin’s in recent times, which has led it to experience some bearishness overnight as the crypto now nears the lower-$180 region – a consistent level of support for ETH.
This near-term bearishness may be short lived, however, as analysts are now noting that each price dip is worthy of being bought, which comes about as ETH’s Istanbul hard fork quickly approaches.
Ethereum Nears Lower-$180 Region as Bitcoin Faces Influx of Selling Pressure
At the time of writing, Ethereum is trading down roughly 2% at its current price of $183, which marks a notable retrace from its daily highs of $187 that were set yesterday morning.
ETH’s slight sell-off has come about as Bitcoin faces an increasing amount of selling pressure around its current support level of $8,700, which was briefly lost overnight as BTC plunged to under $8,600 before bulls fought back and helped the crypto reclaim $8,700 as support.
Over the past several days and weeks, the lower-$180 region has proven to be a support region for Ethereum, although the crypto currently is close to breaching below this support, which could occur in the near-term if BTC faces any further selling pressure.
This price action also comes concurrently with Ethereum’s upcoming Istanbul hard fork – set to take place on December 4th – which is the next step on ETH’s journey to being upgraded to Ethereum 2.0.
Traders Look to Buy All ETH Dips
TraderXO, a popular crypto analyst on Twitter, explained in a recent tweet that he will be buying ETH price dips in the near-term, as long as the crypto continues holding above the key support region that he highlights in the chart seen below.
“ETHUSD – Any substantial dip is a buy for me. Nothing macro bearish here until price closes below the range lows,” he said.
https://twitter.com/TraderX0X0/status/1194776025974087682?s=20
Galaxy, another popular analyst, pointed out in a tweet that this time of the year is typically a volatile one for Ethereum and other cryptos, and he seems to believe that this volatility will favor Ethereum’s bulls.
“That time of the year when $ETH pumps so hard people thinking is going to take over BTC is coming again,” he explained while pointing to the chart seen below.
That time of the year when $ETH pumps so hard people thinking is going to take over BTC is coming again. pic.twitter.com/ckmRZfdxSe
— Galaxy (@galaxyBTC) November 14, 2019
The coming few hours and days may play a large role in determining the cryptocurrency’s future trend, as any sustained bullishness in the near-term could help spark the next major uptrend.
Featured image from Shutterstock.
