Analysts Expect Ethereum’s Price To Drop Towards $170

Analysts expect that Ethereum’s price will drop towards the $170 price level despite the recently incurred upwards momentum which happened after Bitcoin and the rest of the crypto market felt a slight resistance overnight. The new price trends sparked a short-term downtrend as we are about to see in the Ethereum news today.

A lot of the analysts expect Ethereum’s price may soon target even lower lows which could mean that the recent uptrend was only a flash in the pan that precedes the next major path down for ETH and other major altcoins. Ethereum is trading down by about 2 percent at its current price of $186 which marks a notable drop from the previous high of more than $195 that was set during a massive upwards movement that happened overnight. It appears that the mid-to-upper $190 region is a strong resistance level for ETH and the overnight drop happened right when Bitcoin surged to highs of more than $9,000 before starting a massive influx of selling pressure that sent it shooting lower.

In the near-term, Ethereum has found support around the current price although the key long-term support level remains around $160 while looking at the monthly charts since it is where it has found a lot of buying pressure that has been proceeded by the uptrends. The popular crypto analyst on Twitter Mayne explained that he looks at a $175 price range for Etheruem in the near-term and $8,150 for Bitcoin:

 “Retest of $175 $ETH and $8150 $BTC IMO.’’

Another crypto analyst- The Cryptomist, also explained on Twitter that the $183 is a key-near short term support level that most of the bulls will defend and there is a drop below this level potentially sparking a lot of capitulation that quickly sends it to $174:

 “$ETH It is important for the price to sustain a successful re-test of this ascending triangle breakout at the price of $183. Should it fail to do so $174 may very well be next.’’

As per the latest crypto news, the next few days will likely be very indicative when it comes to how most of the altcoins like Ethereum will continue their trends and seemingly will take guidance from Bitcoin.