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Ethereum May Face 20% Pullback as Key Support Level Grows Weak

newsbtc

6mon ago

Ethereum and the aggregated crypto market has been closely tracking Bitcoin’s price action over the past week, which has resulted in a choppy trading session for ETH that has ultimately led it to drop back towards $185 – which remains a critical support level for the cryptocurrency.

Although ETH is likely to find some support around $185 in the near-term, further weakness in the crypto market may lead it to plunge below this price level, and one analyst is noting that it may target $155 next.

At the time of writing, Ethereum is trading down nearly 4% at its current price of $188 and is currently trading down slightly from 24-hour highs of just below $200.

Over the past seven days, ETH has faced an influx of selling pressure each time it visited the $200 region, which signals that this price region is a key level of resistance that may prove to be insurmountable for the cryptocurrency in the near-term.

Josh Rager, a popular cryptocurrency analyst on Twitter, shared his thoughts on Ethereum’s price action in a recent tweet, explaining that its current price region may not be one of significant accumulation, despite what many analysts and investors had previously believed.

“$ETH Update: Some have called this a mega opportunity, I continue to watch for a confirmed reversal. ETH has been unable to break & hold above the 20MA for past six months. VPVR doesn’t suggest heavy accumulation yet at these levels. BB suggests incoming volatility – be careful,” Rager noted.

$ETH Update

Some have called this a mega opportunity, I continue to watch for a confirmed reversal

ETH has been unable to break & hold above the 20MA for past six months

VPVR doesn't suggest heavy accumulation yet at these levels

BB suggests incoming volatility – be careful pic.twitter.com/EWNauF2l7U

— Josh Rager 📈 (@Josh_Rager) August 24, 2019

Assuming that $185 does end up failing to be a strong level of support for Ethereum, Mitoshi Kaku, another popular crypto analyst on Twitter, explained that the next key support level currently exists around $155.

“A couple dates I have my eyes on for $ETH – Let’s see if that Kumo keeps offering a warm support! $155 is a key level,” he said while pointing to the below chart.

A couple dates I have my eyes on for $ETH – Let’s ser if that Kumo keeps offering a warm support! $155 is a key level. pic.twitter.com/8Q4MMGuNRI

— Mitoshi Kaku 👨🏻‍🚀 (@CryptoSays) August 23, 2019

It is highly probable that ETH’s near-term price action will largely be dictated by that of Bitcoin, but a break below the key support levels that lies just below its current price could lead to a bout of capitulation that perpetuates its recent downtrend.

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