- Ethereum’s price has been closely tracking that of Bitcoin over the past few days and weeks
- This has led the cryptocurrency’s bulls and bears to reach an impasse, as both sides have been unable to spark any sustainable trend
- Where the market trends next will likely depend on BTC, as the cryptocurrency is currently trading between two critical levels
- One analyst is noting that Ethereum was rejected at a high time frame resistance level yesterday
- The firm rejection here could cause it to see further downside in the days, weeks, and even months ahead
- He even believes it may dive as low as $280 before it can garner any strong support
Bitcoin, Ethereum, and the aggregated cryptocurrency market have struggled to find any strong momentum in either direction throughout the past few days and weeks.
Both buyers and sellers have attempted to take control of the market’s near-term trend, but their relative lack of strength has led to the formation of wide trading ranges across most major digital assets.
Ethereum could be poised to see an extension of the slight bearishness seen throughout the past few days and weeks.
Overnight it faced a strong rejection at its high time frame resistance. This has opened the gates for it to see further downside, with one trader noting that a move down towards its bedrock support at $280 could be imminent.
Ethereum Rejects at $360 as Market Shows Signs of Weakness
At the time of writing, Ethereum is trading down marginally at its current price of $355.
Overnight the cryptocurrency ran to highs of $365 before facing a rejection. This level does mark a key near-term resistance.
Bulls were able to defend against a decline beneath $250, however, signaling that they still have some underlying strength that may help boost the crypto higher in the near-term.
Here’s Why One Analyst is Targeting an ETH Dip to $280
One trader believes that Ethereum is poised to decline towards $280 in the near-term. He does explain that this level is likely to mark a long-term bottom.
“ETH at HTF resistance and trying to close today above DTL. Still personally am hoping market gives $280 for final buys of the year,” he said.
Image Courtesy of Pentoshi. Chart via TradingView.
Unless Ethereum rebounds and breaks its $360 resistance, there’s a strong possibility that downside could be imminent.
Featured image from Unsplash. Charts from TradingView.