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ETH could drop significantly if this level is lost

The price action of ETH over the past few days is unclear and tends to move sideways as Bitcoin as well as the cryptocurrency market in general try to establish a decisive short-term trend.

A leading analyst now believes that ETH will fall lower before finding any significant support, but the bulls can neutralize this decline if ETH sustains above a critical level.

ETH extends trading across when fighting creates short-term trends

At the time of writing, ETH is trading up 2.28% at its current price of $ 238, a significant increase from the daily low of $ 228.


Cryptocurrencies ranked second by market capitalization quite hard to create a decisive trend throughout the week, ranging from as low as $ 210 to a high of around $ 230 when buyers and sellers remain in in a deadlock.

This price action largely accompanies Bitcoin, which has been stuck similarly in a relatively tight trading range between $ 8,400 to $ 8,900.

According to analysts, ETH may rise in the short term if the buyer pushes prices higher in the coming days. Continuous protection of the support at $ 220 is a sign of support for the bulls.

AMDTrades analyst talked about both Bitcoin and ETH in a recent tweet, explaining that ETH is rising as long as it sustains above $ 220 and starts generating momentum.

"ETH and BTC transactions over 8.700 dollars and 220 dollars. TI feel comfortable when long. I like pivot increase, but I need to follow. There is no real resistance is indicated. KNothing is simpler than that".

It seems he is a bit rushed in to the upside view since buyers have not yet appeared and the market structure is fundamentally weak at the moment.

Besides, analyst Luke Martin noticed some short-term declines compared to Bitcoin and set a target of about 0.022 BTC.

"There is no basis to predict ETH / BTC, it seems like it wants to move lower".

If ETH drops significantly against Bitcoin, it is likely to also affect the ETH / USD pair, pushing the price below the $ 220 support level.

You can see the price of ETH here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

According to ENW

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