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0:00:00 Ethereum May Drop Towards $160 Before Next Uptrend Kicks Off
0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:11 After attempting to move higher yesterday, Ethereum has once again faced an influx of selling pressure that has thwarted the potential rally that some analysts and investors were previously eying as a strong possibility.
0:00:23 Analysts are now noting that Ethereum may face further selling pressure in the near-term, but they are also noting that a dip towards $160 could spark the next notable uptrend that allows ETH to climb significantly higher.
0:00:35 Because Ethereum was unable secure its foothold within the lower-$180 region, it is highly probable that it continues finding further selling pressure in the near-term while Bitcoin consolidates within the lower-$8,000 region.
0:00:48 Josh Olszewicz, a popular crypto analyst on Twitter, recently noted that ETH is currently caught within a bearish technical formation that historically results in downwards breaks.
0:00:58 “1h $ETH: ah ya, the ol’ inverse scythe,” he concisely noted while pointing to the below pattern on Ethereum’s one-hour chart.
0:01:06 It is highly probable that the fate of Ethereum in the near-term will be largely dictated by Bitcoin, as any sudden movement in either direction will likely give significant guidance to the aggregated crypto markets.
0:01:17 HornHairs, another popular crypto analyst on Twitter, explained in a recent tweet that he believes that ETH may dip into the $160 region before it incurs enough buying pressure to spark a fresh uptrend on a longer-time period.
0:01:30 LTF shows clearly mapped out levels for the coming days/weeks.
0:01:35 Thanks for checking out this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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