Ethereum Will Remain Weak If Bulls Don’t Flip One Key Level

Ethereum will remain weak if the bulls don’t manage to flip one key level since its price was trapped below one crucial level over the past few days. while it was flashing some signs of strength, buyers were not able to shatter the selling pressure at $450 so let’s read more in today’s ethereum news.

The $450 key level was the one that the bulls had to surpass but they struggled to go above it in the past few days. Until this level is surmounted, Ethereum will remain weak. Buyers and sellers still need to post strong breaks above this level as each one was met with intense selling pressure which pushes It lower. One analyst noted that if the bulls don’t manage to break above this level, it could be poised for more downsides.

Ethereum was tracking Bitcoin’s price action as of late which exposed it to more weakness resulting from Bitcoin’s recent drop below $15,000. The benchmark cryptocurrency was consolidating now which led to ETH seeing similar price action.
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Unfortunately for Ethereum, its price was consolidating beneath a crucial resistance level which held strong over the past week. The level which sits at $450, sparked multiple selloffs over the past week and led one analyst to note that the cryptocurrency remains weak until this level is flipped into support.

At the time of writing, Ethereum was trading down with a current price of $444 which is around the same price level at which was trading over the past few days. the selling pressure it has faced at $450 was rather strong on multiple occasions which made this key near-term resistance, a level that the bulls have to surmount. If this level is broken above the flipped into support, it could provide a base for ETH to grow. One analyst explained that ETH is plagued by underlying weakness so long as it continues to hover below $450. With that said, he noted that the sell-side pressure placed on ETH remains weak overall which could give a boost to the bulls

 “ETH / USD: Compared to previous times the price is holding up a lot better on this most recent rejection of $450, price has still yet to successful flip this level into clear support. I think there is a chance that PA could pullback from here but overall sell-side is still weak.”

Where will ETH trend next over the past few days depend on BTC. If BTC stabilizes or goes higher, it could allow ETH to break this crucial level.