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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

This Pivotal Level Could Trigger an Ethereum Correction Under $300

Nick Chong
Nick Chong
5 years ago
2 mins read
bitcoin price

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Analysts are fearful that Ethereum could drop under $300 despite strength in Bitcoin and legacy markets.

Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million

Ethereum Could Move Under $300, Analysts Fear: Here’s Why

Ethereum is risking a drop under $300 due to it reaching a pivotal resistance region in the $380 region. One analyst commented on the matter:

“$ETH is likely headed to the top of this channel here at $400 and from there comes the moment of truth. I favor the RED path, but a HTF close above the RED region would force me to flip bullish. This is going to get interesting.”

Image

Chart of ETH's price action over the past few years with analysis by crypto trader Credible Crypto. Chart from TradingView.com

The aforementioned analyst isn’t the only one that fears Ethereum could soon slip under $300.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

One trader noted that ETH’s recent price action on its daily chart looks bearish as the asset has formed a rejection. This could trigger a drop towards $240, similar to the aforementioned target. Commenting on the potential of this scenario playing out, this trader remarked:

“Actually just going to pitch straight for $240 as the target for $ETH. Rejection looking rough still on the Daily, nothing that’s changed the trade or the plan.”

Image

Chart of ETH's price action over the past few years with analysis by crypto trader Cold Blooded Shiller (@ColdBloodShill on Twitter). Chart from TradingView.com

ETH Weakness Could Crush Altcoins

Weakness in the price of ETH could crush altcoins, especially DeFi coins.

One top Bitcoin trader on BitMEX noted that ETH falling under $350 could trigger “another -25% day” across the board for DeFi tokens, which is a phenomenon last seen earlier this month:

“Super important Level for $ETH: Currently $ETH and it’s ERC20 minions seem to be leading the market, would not be surprised to see another -25% day across the board for #DeFi tokens if $ETH trades under 350.”

Image

Chart of ETH's price action over the past few weeks with analyis by crypto trader Flood (@ThinkingUSD on Twitter). Chart from TradingView.com

Over recent weeks, whenever ETH has slipped, altcoins have plunged. It appears that analysts see weakness in the price of ETH as a sign of bad things to come for altcoins, especially those based on the Ethereum network.

Related Reading: It’s “Logical” for Ethereum To Reject At Current Prices: Here’s Why
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
This Pivotal Level Could Trigger an Ethereum Correction Under $300
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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