Analyst Ethereum Poised for Further Downside as Support Begins Evaporating

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Cryptology News

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atheria price action has been strikingly similar to bitcoins over the past several days and weeks with eth s correlation to BTC growing stronger as the volatility seen within the aggregated crypto market ramps up analysts are noting that ethereum may be positioned for further downside in the near term which could be driven by the lack of major support that exists directly below its current price levels at the time of writing ethereum is trading down nearly 2% at its current price of $149 and 80 cents which marks a notable decline from its daily highs of just under $160 that were set yesterday it is important to note that ed is currently sitting off of its recent lows of 147 dollars that were set earlier this morning concurrently with BT C's dropped to $7,200 and it's bowls have been able to defend this near-term support level so far ethereum Bulls have been able to put a significant amount of distance between its current prices in its recent lows of $130 that were set during the recent bout of capitulation seen across the aggregated crypto market that was led by bitcoins dropped to $6,500 Nick Patel a popular crypto currency analyst recently spoke about ethereum price action in a recent blog post in which he notes that any further Bitcoin downside could be exaggerated in ethereum USD trading pair Patel also notes in his market update blog post that ethereum strong support that used to exist in the lower $100 region may be dissolving which could mean that any further downside will be perpetuated and possibly lead to a bout of capitulation assuming that Bitcoin does lose the support that it has in the lower $7,000 region it is highly probable that ethereum will see notable losses against BTC as its USD support regions falter

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