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 While above $ 8700 and $ 220 I feel comfortable being on the long side. I like the pivot up, but I need follow through. No resistance has actually been taken out. It doesn't get simpler than that. pic.twitter.com/2QEMOFw9fT
– AMD Trades (CEO of Loro Piana) (@Amdtrades) March 4, 2020
"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.
Have no idea what to expect on the $ ETH dollar pair but relative to Bitcoin, it still looks like it wants to move lower. pic.twitter.com/ww77AmSd0S
– Luke Martin (@VentureCoinist) March 4, 2020
"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.
According to ENW
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