After attempting to move higher yesterday, Ethereum (ETH) 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.<\/p>\n
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.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down roughly 2% at its current price of $173.75, which marks a slight drop from its recent highs of $185.<\/p>\n 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.<\/p>\n 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.<\/p>\n \u201c1h $ETH: ah ya, the ol’ inverse scythe,\u201d he concisely noted while pointing to the below pattern on Ethereum\u2019s one-hour chart.<\/p><\/blockquote>\n 1h $ETH<\/a><\/p>\n ah ya, the ol' inverse scythe pic.twitter.com\/o0GuEFb4u1<\/a><\/p>\n — #333kByJuly2025 (@CarpeNoctom) October 2, 2019<\/a><\/p><\/blockquote>\n\n