Ethereum and most of the major alternative currencies have delayed tracking the price action of Bitcoin. And the aggregate market has not been able to obtain a decisive boost in recent weeks. The lack of this speed has caused the ETH to move in the region of around $150 while the bull and the bear remain stale.
Analysts now point out that Ethereum may soon see more losses, since it cannot move above a descending resistance line that is stronger than two years.
Ethereum freezes around $150
At the time of writing, Ethereum is modestly priced at its current price of $149, indicating a slight rise since its daily increase of $147.
Since last week, Ethereum has been trapped within an incredibly narrow trading range between $144 and $152. It seems that this trading range is adjusting, since ETH has been $148 and $150 in recent days.
This side of the negotiation occurred side by side after ETH’s tremendous volatility at the end of November. When cryptocurrencies declined from $190 to $ 135, with the Bitcoin cap fall to less than $6,500.
This late deprivation pricing action has not clarified whether recent market lows will mark long-term lows. Or if they will suffer more losses before receiving significant long-term support. It can help set up below.
Analyst: ETH likes to see significant losses in the short term
Teddy, a popular cryptocurrency analyst on Twitter, said why he is paying attention to Ethereum’s price action in a recent tweet, and noted that the inability to overcome the downward resistance line of several years is a sign that Cryptocurrencies They are imminent for the loss.
Looking at this graph, it seems that Teddy is aiming at 0.011 BTC for the next Ethereum target price. Which would mark a significant drop in its current BTC price of 0.0197 BTC.