The Ethereum price has been closely following Bitcoin's price action over the past week, which has put it under significant downward pressure, and appears to have erased all gains it gained in early February.
This drawback is likely to invalidate the bullish market structure that ETH formed during the beginning of this year, many analysts are now noting that it may be further corrected, given the technical strength of It began to weaken.
Ethereum is stable around $ 223, but technical weakness is growing
At the time of writing, Ethereum is trading at $ 223, marking a notable drop from a weekly high of $ 275 set last Sunday, at which time Bitcoin was being delivered at $ 10,000.
ETH price today | Source: Coinmarketcap
However, the strong refusal at this level caused a sell-off like a fall, and brought the cryptocurrency to a recent low of $ 210, where it found a strong support. strong.
Since ETH is currently trading in parallel with Bitcoin, its very volatility in the near future will depend on Bitcoin's price action, which means that BTC cannot break more than $ 9,000, will causing ETH and other major altcoins to suffer further losses.
However, when we put BTC aside, the Ethereum chart is showing some short-term disadvantages. Since it is currently trading in a short-term bear pattern, this means a further decline is imminent.
Well-known trader Trader Canflied talked about this in a recent tweet, saying that the price is in a bearish triangle pattern, and that he is very aggressive to go up.
Triangle gang. $ ETH looking heavy. pic.twitter.com/1ctdGbHhfg
– Jacob Canfield (@JacobCanfield) February 29, 2020
Failure to break this critical level could cause trouble for ETH
In the short-term, analysts believe that ETH could suffer further losses when the bulls fail to push it past $ 235, the retest many times over the past few days, seems to have turned it into a stiff resistance.
Well-known analyst Crypto Michaël talked about this in a recent tweet, arguing that not pushing prices above this level could bring it down to $ 190.
Not enjoying this one that much at this point.
Couldn't break back above $ 235 and flipped that level resistance.
Might take the lows around $ 210 for bullish divergences before breaking up. If not, I aim $ 190/195 or flip $ 235. pic.twitter.com/X2brs2dLGz
– Crypto Michaël (@CryptoMichNL) February 29, 2020
"Don't enjoy this much at this time. Failure to surpass $ 235 and turning it into a stiff resistance. Can cause ETH to lose recent lows of $ 210, and create a bullish divergence before rebounding. I'm aiming for a target of $ 190/195 or a flip of $ 235. "
Assuming that Bitcoin continues to fluctuate sideways or lower at this point, it is very likely that Ethereum and other major altcoins will find the next downside in the short term.
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