{"id":404933,"date":"2019-11-20T21:00:52","date_gmt":"2019-11-20T21:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=404933"},"modified":"2019-11-20T14:46:04","modified_gmt":"2019-11-20T14:46:04","slug":"ethereum-on-track-to-tap-bullish-support-region-could-catalyze-move-to-260","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-on-track-to-tap-bullish-support-region-could-catalyze-move-to-260\/","title":{"rendered":"Ethereum On Track to Tap Bullish Support Region, Could Catalyze Move to $260"},"content":{"rendered":"
Bitcoin\u2019s recent drop to the low-$8,000 has sent bearishness echoing across the aggregated market, leading major altcoins like Ethereum to post relatively large losses. ETH, which was testing an upwards break above $190 prior to BTC\u2019s drop, is now trading below a key support level.<\/p>\n
Ethereum\u2019s break below this key support level could mean that further losses are imminent, but analysts are noting that one support region that lies significantly lower than its current price levels could catalyze a massive bull movement that sends its price surging up to $260.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up nominally at its current price<\/a> of $176.5, which marks a notable retrace from its recent highs of $190 that were set this past weekend as the cryptocurrency\u2019s bulls attempted to push its price up against the resistance that existed at this level.<\/p>\n This movement was short-lived, however, as Bitcoin\u2019s plummet down to its support at $8,000 led virtually all major altcoins to post similarly bearish moves.<\/p>\n ETH\u2019s recent bearishness was not unanticipated, as analysts had previously noted that the crypto\u2019s surge<\/a> to $200 in late-October swept its range highs, and that it would likely target its long-term support level around $140 in the near-term.<\/p>\n Liverpool, a popular cryptocurrency analyst on Twitter, spoke about this in a tweet from late last month, noting that Ethereum\u2019s two support levels exist at roughly $170 and $140.<\/p>\n \u201c$ETHUSD – Price swept the range high but range low remains uncleared – Resting liquidity below the equal lows attracts the price – There is also an untested weekly block below – I think we’ll see a lower high in the OTE \/ 2HR Block and then slowly grind towards the weekly block,\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\n $ETHUSD<\/a><\/p>\n – Price swept the range high but range low remains uncleared – I think we'll see a lower high in the OTE \/ 2HR Block and then slowly grind towards the weekly block pic.twitter.com\/ianjB7mbzy<\/a><\/p>\n — Livercoin (@Livercoin) October 27, 2019<\/a><\/p><\/blockquote>\n\n
– Resting liquidity below the equal lows attracts the price
– There is also an untested weekly block below<\/p>\n