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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum May Target $180 Next as Upwards Momentum Falters

Cole Petersen
Cole Petersen
5 years ago
2 mins read
Ethereum ETH

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Ethereum has been leading the recent surge seen across the aggregated crypto market and was able to decisively break past $190. This upwards momentum has allowed ETH to erase much of its recent losses, but a downturn amongst other major cryptocurrencies could spell trouble for its near-term price action.

Now, multiple analysts are noting that they are targeting an ETH retrace towards $180, which would mark a nearly 6% decrease from its current prices.

Ethereum Surge Slows as Crypto Markets Inch Lower

At the time of writing, Ethereum is trading up over 1% at its current price of $191, which marks a significant rise from its weekly lows of roughly $175.

This rise from its recent lows is certainly a bullish sign for the cryptocurrency, as it signals that its bulls currently have major strength, which may be emblematic of the Ethereum network’s improve fundamental strength.

Its recent rise, however, has been slowed by the downturn in the aggregated crypto market, as Bitcoin was unable to remain stable in the mid-$10,000 region and is now nearing its key support level at $10,000.

As for what this BTC downturn means for ETH’s near-term price action, Cantering Clark, a popular crypto analyst on Twitter, explained that he is watching two key levels, with an upside target of $231 and a near-term downside target of roughly $183. It now appears that a visit to the aforementioned downside target is likely in the near-term.

“Not interested in $ETH unless we get one of two situations drawn. A break up (1) that occurs 1.5-3X normal ATR would be mega bullish. Lower probability NT positive outcome for (2). As I said before, $ETH did lead the bull market and acted like a high beta stock relative to $BTC,” Clark noted while pointing to the below chart.

https://twitter.com/CanteringClark/status/1173468855701790720

ETH Caught in Tight Trading Range

Clark is not alone in his somewhat bearish near-term assessment of Ethereum, as Trading Room, a popular crypto analyst on Twitter, explained in a recent tweet that they are looking to long ETH once it visits between $180 and $182.

“#ETHUSDT – Long Short Zones. 203-206 Short Zone. 180-182 Long Zone. Playing the Range until big breakout,” they explained.

#ETHUSDT – Long Short Zones

203-206 Short Zone
180-182 Long Zone

Playing the Range until big breakout$ETH #Ethereum pic.twitter.com/7v7WBEnNuf

— Trading Room (@tradingroomapp) September 16, 2019

Because Bitcoin is currently facing growing selling pressure, it is highly likely that Ethereum’s next target will be in the lower-$180 price region.

Featured image from Shutterstock.
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Cole Petersen
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.

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