• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Here’s Why Analysts Are Expecting For Ethereum To Drop Back Towards $370

Nick Chong by Nick Chong
2 years ago
in Altcoin Price, Ethereum
0
Advertisement
  • Ethereum, following Bitcoin’s lead, is effectively flatlining into the week’s close around $390.
  • This is above critical support levels, though bulls are not yet convinced that ETH is primed to move higher.
  • Analysts say that ETH could actually drop towards the $370 level, then push higher.
  • Multiple analysts agree with this line of reasoning, citing a variety of technical reasons.
  • Ethereum does have a positive fundamental case, though, that may limit downside.
  • What may also limit the downside for the leading cryptocurrency is strength in the price of Bitcoin. Ethereum is still correlated with BTC despite some discrepancies over recent weeks.

Ethereum Could Soon Drop Towards $370: Watch Out

Ethereum is primed to drop to the $370 range as the asset is failing to push higher above local resistances, say analysts. One trader shared the chart below on August 9th, showing that ETH could drop to ~$375 in the days ahead. For context, $375 is a 5% drop from the current price of $393.

“Current expectations go something like this: We’re past the initial phase of easy support/resistance range trades. Now we’re going to chop/take liquidity till the break. With that said, I’ll most likely fill with market orders if I see what I want to see,” the analyst wrote in regards to the chart below.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Chart of ETH's recent price action (since the end of July) with analysis by trader Chase (@Chase_NL on Twitter). Chart from TradingView.com

The expectations of a drop into the $370 range have been echoed by other market participants as aforementioned.

As reported by Bitcoinist previously, one trader noted that Ethereum could retest $375 due to weak price action and the potential formation of a textbook top chart pattern:

“Price tagged weekly open perfectly to the pip, now I’m watching how it reacts to retesting the breakdown point, might look for hedge short around that area if price action weak.”

Further harming the ETH bull case, Ethereum has started to show some weakness against Bitcoin, with the ETH/BTC ratio trending lower. With the altcoin leading BTC higher over the past few weeks, weakness in the ETH/BTC ratio could suggest that the bull trend has been spent.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Dependent on Bitcoin

Ethereum’s price action, at the end of the day, is somewhat dependent on Bitcoin.

Bitcoin, fortunately for holders of ETH, is currently in a bullish spot after closing its weekly candle above $11,500 for the first time since early 2018. An analyst has said that bears have little hope if the cryptocurrency closed the weekly candle above that level.

This sentiment is based on the fact that Bitcoin struggled to break above $11,500 during 2019’s bull market, resulting in a ~50% correction.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Here's Why Analysts Are Expecting For Ethereum To Drop Back Towards $370
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

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.

Related Posts

Snoop Dogg NFT

Snoop Dogg Still Bullish On Ethereum Despite NFT Trades Declining 70%

2 days ago
Ethereum

Ethereum Energy Consumption Sees Sharp Decline As Mining Profitability Drops

6 days ago
Morgan Stanley: Ethereum 2.0 Launch May Reduce Demand For GPUs

Morgan Stanley: Ethereum 2.0 Launch May Reduce Demand For GPUs

6 days ago
Ethereum

The Metric That Says A Further 50% Drawdown For Ethereum Is Possible

6 days ago
Hackers Ethereum

How This Ethereum Lending Platform Was Attacked And Made A Deal With The Hacker

6 days ago
NFT NYC, Goblin Town actors

Crypto Reacts To The NFT NYC Conference: The Bad And The Ugly

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. 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.