Ethereum\u2019s recently incurred upwards momentum has faltered after Bitcoin and the aggregated crypto markets hit a massive level of resistance overnight that shifted the tides and sparked a short-term downtrend.<\/p>\n
Multiple analysts are now noting that Ethereum may soon target significantly lower lows, which could mean that the recent uptrend was simply a flash in the pan that precedes the next major leg down for ETH and other major altcoins.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down roughly 2% at its current price<\/a> of $186, which marks a notable drop from its recent highs of nearly $195 that were set during a sharp upwards movement that occurred overnight.<\/p>\n It does appear that the mid-to-upper $190 region is a level of resistance for ETH, and its overnight drop occurred concurrently with Bitcoin\u2019s surge to highs of nearly $9,000 before it also incurred a massive influx of selling pressure that sent it plummeting lower.<\/p>\n In the near-term, Ethereum<\/a> has found support around its current price levels, although its key long-term support level remains around $160 while looking at its monthly chart, as this is where it has consistently found noteworthy buying pressure that has been proceeded by uptrends.<\/p>\n Mayne, a popular cryptocurrency analyst on Twitter, explained that he is targeting $175 for Ethereum in the near-term and $8,150 for Bitcoin.<\/p>\n \u201cRetest of $175 $ETH and $8150 $BTC IMO,\u201d he said.<\/p><\/blockquote>\n Retest of $175 $ETH<\/a> and $8150 $BTC<\/a> IMO.<\/p>\n — Mayne (@Tradermayne) October 11, 2019<\/a><\/p><\/blockquote>\n\n