Ethereum (ETH) has been moving in tandem with Bitcoin as of late, with BTC’s bullishness allowing the cryptocurrency to put significant distance between its 2020 lows and its current price levels.
It is important to note that although ETH appears to have gained a solid foothold within the $170 region, the cryptocurrency has been struggling over a multi-year period to establish any type of long-term bottom.
Because of this, one analyst is noting that he believes Ethereum could soon see further downside that potentially leads it to set an even lower-low.
Ethereum Moves Towards $180 as Bitcoin Hovers Just Below 2020 Highs
The gradual climb seen by ETH over the past day has allowed it to slightly outperform Bitcoin, and it does appear to be attempting to set a fresh 2020 high.
Over a one-week period, Ethereum’s firm and unwavering uptrend has grown increasingly clear, as the crypto has been able to put significant distance between its recent lows of $155 that were set last Thursday.
In the near-term, analysts are noting that ETH is likely to rally up towards $180, with its short-term momentum being bolstered by significant support that exists between $160 and $170.
HornHairs, a prominent cryptocurrency analyst on Twitter, spoke about these levels in a recent tweet, explaining that he does believe ETH will soon test its recently established yearly highs.
“ETH update: Didn’t manage to snag $172, caught the first S/R flip on the bounce though after seeing the beauty of a setup BTC painted last night. Targeted equal highs here on ETH as well,” he said while pointing to the targets seen on the below chart.
Didn't manage to snag $172, caught the first S/R flip on the bounce though after seeing the beauty of a setup BTC painted last night.
Targeted equal highs here on ETH as well. pic.twitter.com/r5GPQjV0lT
— HornHairs ? (@CryptoHornHairs) January 30, 2020
Has ETH Yet to Establish a Long-Term Bottom?
DonAlt – another popular cryptocurrency analyst on Twitter – explained in a recent tweet that ETH’s macro lows may not be established yet, as the cryptocurrency’s bottom attempts over a multi-year time period have grown increasingly weak.
“ETH: Somehow the ETH bottom attempts are getting weaker, not stronger. There is a chance this is the bottom but I think it’s pretty minuscule. Reclaim the ‘not bad’ trading range and I’ll change my tune. Hard to ignore that this isn’t a bullish chart, not yet anyway,” he explained while pointing to the below chart.
Somehow the ETH bottom attempts are getting weaker, not stronger.
There is a chance this is the bottom but I think it's pretty minuscule.
Reclaim the "not bad" trading range and I'll change my tune.
Hard to ignore that this isn't a bullish chart, not yet anyway. pic.twitter.com/L14Xf7AexR
— DonAlt (@CryptoDonAlt) January 30, 2020
Although Ethereum may see some tempered gains in the near-term, its mid-to-long term outlook still appears to be bleak as it struggles to establish a macro bottom.
Featured image from Shutterstock.