• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Ethereum Posts Massive Losses as Likelihood of a Recovery Decreases

Cole Petersen by Cole Petersen
6 months ago
in Technical analysis, Ethereum
Reading Time: 2min read
Ethereum Plunges 10%, Bearish Signal Confirms With Close Below $390
Advertisement

Ethereum has been one of the worst-performing major altcoins throughout the past few days, with the cryptocurrency plunging from weekly highs of $490 to lows of $330 that were set earlier today.

The cryptocurrency now appears to be at risk of seeing even further downside, as it lost the support it was attempting to establish at $350 and is currently in the process of sliding lower.

If it breaks below its recent lows of $330, the crypto may soon see a massive influx of selling pressure that sends it reeling to fresh multi-week lows.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Analysts believe that this is a growing possibility, as the recovery that the cryptocurrency attempted to conduct earlier this morning proved to be short-lived and followed by a continuation of its downtrend.

One trader is even targeting a near-term movement to the sub-$300 region, which would strike a heavy blow to the cryptocurrency’s outlook.

Ethereum Crashes from Recent Highs as Selling Pressure Begins Mounting

At the time of writing, Ethereum is trading down over 12% at its current price of $340, which is around where it has been trading throughout the past few hours.

Earlier today, the crypto dived as low as $330 before seeing an influx of buying pressure that allowed it to surge up to highs of $360.

The resistance at this price level proved to be insurmountable, with the rejection here sparking another bout of selling pressure that has since led its price down towards its recent lows.

One trader believes that this will cause the cryptocurrency to set fresh multi-month lows in the sub-$300 region.

“Just woke up and took a look at the charts. Sub $300 ETH likely on the cards, even if just for a quick wick,” he said.

Analyst: ETH is Approaching a Significant Level

One analyst explained that Ethereum is now approaching a technically significant level, with a potential dip to $320 potentially catalyzing a sharp rebound up towards $400.

“One of the massive levels of ETH is coming up. If you want to catch a long, that’s one of those zones. First bounce area towards the $400 zone. ETH is one of the coins you’d want to hold for the coming years. The lower, the better,” he explained.

Ethereum

Image Courtesy of Crypto Michael. Chart via TradingView.

Bitcoin may also play a role in Ethereum’s upcoming price action, as any dip below $10,000 may cause the aggregated market to see some serious downside in the near-term.

Featured image from Deposit Photos.
Charts from TradingView.
Tags: ethbtcethusdETHUSDT
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

bitcoin dollar

Dollar, Divergences, & More: Here’s Why Bitcoin Could Soon Bounce

3 hours ago
Binance Coin (BNB)

Charted: Binance Coin (BNB) Steadies Above $200, Why It Could Rally Again

17 hours ago
Ethereum

TA: Why Ethereum Below $1,400 Could Spark A Sharp Decline

18 hours ago
Bitcoin

TA: Why Bitcoin Price Is At Risk of A Drop Below $45,000

20 hours ago
bitcoin overvalued stock to flow

Bitcoin Currently Overvalued By Stock-To-Flow Standards

22 hours ago
bitcoin strong bull coinbase

Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 2021

Get Your Brand New Tokens on Defiqa’s Presale

February 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.