Ethereum Primed to See Further Short-Term Losses Toward $300

  • Ethereum has dropped in tandem with Bitcoin over the past few days.
  • The leading cryptocurrency fell as low as $330 while BTC slipped to $10,400.
  • While Ethereum has since recovered from those lows to $345, the coin is expected to resume its move lower.
  • Analysts currently see the cryptocurrency moving towards the $300 region.
  • While this short-term drop is expected, investors are optimistic because Ethereum is forming a medium-term falling wedge.
  • A falling wedge is a textbook bullish pattern often seen in the middle of uptrends.

Ethereum Could See Short-Term Downside Towards $300

Ethereum is primed to move towards the $300 in the near term, a number of analysts have recently said. They note the cryptocurrency’s inability to move higher in the near term as ETH faces resistances in the $350-375 range.

One crypto analyst, the head of technical analysis at Blockfyre, recently shared the chart below with the following comment:

“Looks way more bearish SHORT term I 100% will go all in if this is given. It is my bullish invalidation point and thus optimal entry. More blood yet to come imo. Buy lower grey box or buy LH reclaim flip to support.”

Chart of ETH's price action since the start of 2020 with analysis by crypto trader/head of technical analysis at Blockfyre, Pentoshi (@pentosh1 on Twitter).
Chart from

As the chart shows, Ethereum has been printing a series of lower highs and lower lows since setting highs near the start of September. This suggests that a medium-term downtrend has been forming.

How To Get Free Crypto  

He’s not the only one that expects a move towards $300, then potentially lower.

Michael Van De Poppe, a crypto analyst and a trader at the Amsterdam Stock Exchange, recently shared the chart below. Attached to the chart was a comment that Ethereum is prepared to slide towards $315, then likely even lower:

“$ETH #ETHEREUM Further downwards momentum to expect here. The crucial area that I’ll be interested in is $250-280. Since a while, actually.” 

Chart of ETH's price action over the past few months with an analysis by crypto trader Michael Van De Poppe (@Cryptomichnl on Twitter). 
Chart from

Wait on the Bounce

While Van De Poppe thinks ETH will move lower after testing $300, the first trader mentioned expects a bounce, as do others.

As the first chart in this article shows, once Ethereum reaches the $300 region, it will be trading two pivotal technical supports: 1) the high of the February rally at $290, and 2) a long-term moving average that has acted as support and resistance over the past few years.

The chart also shows that ETH is forming a falling wedge, which is a textbook technical pattern often seen prior to upward breakouts.

Coinbase Banner  

Should the falling wedge play out, once Ethereum reaches the $300 region, it will proceed to bounce back towards its highs.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from
Ethereum Primed to See Further Short-Term Losses Toward $300

Go to Source
Author: Nick Chong

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.