- Ethereum records epic losses as chances of a recovery drops
- The digital asset plunged by 10% in the last 24-hours
- The current bearish sign confirms the close beneath $390
Ethereum News Today – Ether has performed poorly in the last few days. The digital currency has plunged from its weekly highs of $490 to post lows of $330. The fresh low was set earlier today. The digital asset appears to be at a higher risk of further losses. It has lost the key support a position it was attempting to mark at $350.
The coin is now set to slide lower down the charts. If it breaks under its recent low point of $330, it may soon see a huge influx of selling pressure. This will likely send the price of Ethereum into fresh multi-week lows. Crypto analysts agree that this outcome is a growing possibility. This is because the recovery that the crypto attempted earlier this morning was short-lived. It was eventually followed by a continuation of the current downtrend.
Ethereum Drops From its Recent Highs
One trader is currently targeting a near-term price movement for ETH below the $300 area. This would be a heavy blow to Ethereum’s outlook. At press time, the price of Ethereum was down by 12%. It is currently changing hands for $340. This position is around the area it has been trading in the last few hours. Earlier in the day, the crypto declined to as low as $330. After this, there was an influx of buying pressure. This pressure allowed the coin’s price to surge to highs of $360. This resistance price level became insurmountable, hence, any rejection here mat spark a fresh bout of selling pressure. This selling pressure has led the coin’s price down to the current lows.
Ethereum May Set New Monthly Lows
According to one trader, the current situation with ETH will cause the digital currency to post fresh multi-month lows. These lows will fall between the regions below $300. According to the trader:
“Just woke up and looked at the chart. The areas below $300 will likely play out even if it happens for a quick wick.”
The price is reportedly approaching an important level. One crypto analyst remarked that the price of Ethereum is approaching a technical level. It could potentially dip to the $320 level inevitably catalyzing a sharp rebound to the $400 level. He added:
“If you want to go by the longer time frames, ETH is currently in one of those areas. It could bounce towards $400 first. ETH is one of the best digital assets to hold for the future. The lower, the better.”