{"id":405906,"date":"2019-12-01T21:30:34","date_gmt":"2019-12-01T21:30:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=405906"},"modified":"2019-12-01T17:59:53","modified_gmt":"2019-12-01T17:59:53","slug":"analyst-ethereum-poised-for-further-downside-as-support-begins-evaporating","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/analyst-ethereum-poised-for-further-downside-as-support-begins-evaporating\/","title":{"rendered":"Analyst: Ethereum Poised for Further Downside as Support Begins Evaporating"},"content":{"rendered":"
Ethereum\u2019s price action has been strikingly similar to Bitcoin\u2019s over the past several days and weeks, with ETH\u2019s correlation to BTC growing stronger as the volatility seen within the aggregated crypto market ramps up.<\/p>\n
Analysts are noting that Ethereum may be positioned for further downside in the near-term, which could be driven by the lack of major support that exists directly below its current price levels.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down nearly 2% at its current price of $149.80, which marks a notable decline from its daily highs of just under $160 that were set yesterday.<\/p>\n It is important to note that ETH is currently sitting off of its recent lows of $147 that were set earlier this morning concurrently with BTC\u2019s drop to $7,200, and its bulls have been able to defend this near-term support level so far.<\/p>\n Ethereum\u2019s bulls have been able to put a significant amount of distance between its current prices and its recent lows of $130 that were set during the recent bout of capitulation seen across the aggregated crypto market that was led by Bitcoin\u2019s<\/a> drop to $6,500.<\/p>\n