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A Drop Under $300 Is the Path of “Least Resistance” for Ethereum

Nick Chong
by Nick Chong
4 years ago
·
Posted in Altcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Ethereum could drop even lower than it has over the past few weeks as it faces strong resistance.
  • Analysts say that the crypto asset is vulnerable to a drop under $300 in the coming weeks.
  • The asset is running up against critical resistances around $360-375.
  • The coin will need to surmount this region, then hold it if it is to confirm more upside.

Ethereum Could Soon Drop Under $300, Analysts Fear

Ethereum is primed to drop lower as the cryptocurrency faces strong resistances above its current price, analysts say. One trader shared the chart below on September 29th, noting that ETH is likely to move lower as opposed to higher from here.

His sentiment seems to suggest that the resistance Ethereum is currently facing above its price is far more notable than the supports below. So much so that the trader said that the coin could reach $275-300 in the near future.

“I’ve been trying to fight it but I think $275 to $300 $ETH is the path of least resistance. The weekly is just a struggle. I’m an aggressive buyer at the 200 week MA.”

Image

Chart of ETH's price action over the past few months with analysis by crypto analyst Ledger Status (@Ledgerstatus on Twitter). Chart from TradingView.com

He’s not the only one that thinks that Ethereum will move lower.

Michael Van De Poppe, a crypto analyst and trader at the Amsterdam Stock Exchange, recently said that the asset’s inability to pass the crucial hurdle of $366-375 will be disastrous for bulls. As reported by Bitcoinist previously, he said:

“All right, this one is moving upwards and that’s good. However, the crucial hurdle is around $366-375 to break. If that breaks, $ETH is ready for $415. If not, I assume $280 as a likely possibility for further corrective movements in Q4.”

Image

Chart of ETH's price action over the past few months with analysis by crypto analyst Michael Van De Poppe. Chart from TradingView.com

Fundamentals of ETH Strengthen

Despite this price action, the fundamentals of the Ethereum network are strong.

Commenting on the fundamentals of the entire crypto space with an Ethereum undertone, Spencer Noon, head of DTC Capital, said:

“The strong fundamental backdrop to #crypto — which is unlike any bull market previously — is that there are billions of cryptodollars coming on-chain to use #DeFi. Unless that shows signs of slowing, we are on track for a multi-trillion dollar aggregate marketcap for the space.”

Noon has explained that the cryptocurrency market has better fundamentals than ever before. Ethereum has much to gain from these fundamentals, especially as there is high yield-offering opportunities based on the network.

Featured Image from Shutterstock
Price tags: ethereum, ethusd, ethbtc
Charts from TradingView.com
A Drop Under $300 Is the Path of "Least Resistance" for Ethereum
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Nick Chong

Nick Chong

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

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