Now, analysts believe that Ethereum’s current selling pressure could continue to perpetuate, which may lead it to extend its losses to as low as $200 in the near future.
Ethereum (ETH) Faces Increasing Selling Pressure as Crypto Markets Plunge
At the time of writing, Ethereum is trading down over 5% at its current price of $234, down significantly from its daily highs of nearly $250.
Ethereum has been slowly grinding lower over the past week, as it has fallen from weekly highs of over $270 and is currently trading at weekly lows.
Importantly, ETH is currently trading up significantly from its one-month lows of $167, which were set roughly four weeks ago. When considering this, it is clear that the cryptocurrency is still in an uptrend over a longer time frame, despite its recent instability.
Although the uptrend may still be intact, it is important to note that where Ethereum heads next will likely be determined by Bitcoin’s near-term price action, which is, likewise, also looking somewhat bearish.
As for where Ethereum may land before the selling pressure lets up, one analyst believes it is heading for $200.
“$ETH is going to $200 and only a miracle can save it,” Mohit Sorout, a cryptocurrency analyst on Twitter recently said.
$ETH is going to $200 and only a miracle can save it. pic.twitter.com/faWP19GTjj
— Mohit Sorout