{"id":401535,"date":"2019-10-16T23:00:21","date_gmt":"2019-10-16T23:00:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=401535"},"modified":"2019-10-16T14:34:47","modified_gmt":"2019-10-16T14:34:47","slug":"ethereum-caught-in-descending-triangle-as-analysts-eye-further-losses","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-caught-in-descending-triangle-as-analysts-eye-further-losses\/","title":{"rendered":"Ethereum Caught in Descending Triangle as Analysts Eye Further Losses"},"content":{"rendered":"
Ethereum (ETH) has been facing a significant influx of selling pressure over the past 24-hours, which has partially been driven by the selloff that Bitcoin experienced earlier today that sent the embattled cryptocurrency reeling below $8,000.<\/p>\n
Analysts are now noting that ETH is caught in a wide descending triangle that could send the cryptocurrency plummeting significantly lower in the near-term, and analysts are now targeting $170 as its next target.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down nearly 5% at its current price<\/a> of $175, which marks a significant drop from its recent highs of over $190 that were set last week when ETH quickly surged towards $200 before incurring a massive influx of selling pressure that sparked its current downtrend.<\/p>\n It is imperative to note that Ethereum\u2019s bearishness as of late has simply been the result of Bitcoin\u2019s inability to find any significant stability within the lower-$8,000 region, as bears were able to force BTC below its previous support levels and towards its long-established support at $7,800, and its lack of bullish momentum may spell trouble for its near-term trend.<\/p>\n Although it remains unclear as to whether or not altcoins will be able to break free of Bitcoin\u2019s influence, it is probable that they will trend lower unless there is some sort of event that sparks a fresh influx of capital<\/a> into the markets.<\/p>\nAnalysts Note That ETH is Caught in Descending Triangle<\/strong><\/h2>\n