With regards to ETH, analysts are noting that this latest decline has not done much damage to its mid-term outlook, as it remains well above its recent lows of $370 that were set last week.
One trader is still expecting it to see further near-term upside, noting that he is adding to his spot positions between $380 and $400.Ethereum Maintains Above $400 Despite Heavy Selling Pressure
The past day has been rough for Ethereum, as the cryptocurrency faced a massive influx of selling pressure that caused it to plunge from highs of $450 to lows of $390. At the time of writing, ETH is trading down over 9% at its current price of $401, which marks a notable decline from its recent highs of $490 that were set just a few days ago. Today’s decline has partially occurred due to that seen by Bitcoin, as the benchmark cryptocurrency’s price slid from highs of $11,500 to lows of $10,400 due to a massive influx of selling pressure. Some of this selling pressure came from miners, who are offloading their crypto holdings at a rapid pace. If this continues placing pressure on BTC, it will likely also cause Ethereum to continue declining in tandem.ETH Still Bullish from a Mid-Term Perspective, Claims Analyst
While speaking about the cryptocurrency’s near-term outlook, one analyst that Ethereum still has a high chance of seeing significantly further near-term upside. He notes that he is adding to his holdings between $390 and $400 in anticipation of it seeing a sharp rebound.“HTF momentum is still bullish, like I mentioned yesterday price could pullback all the way down to around $380 and still look pretty good over the coming months… Personally adding to my position between $380 and $400, seems like a strong HTF support region,” he noted.
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If Ethereum can maintain above $400 for an extended period of time, it may soon be able to rocket higher.
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