Ethereum (ETH) has been incurring significant selling pressure over the past couple of weeks, mirroring the bearish price action that Bitcoin has been facing in the time since it plummeted from its recent highs of $10,600.<\/p>\n
Analysts are now noting that Ethereum may be positioned for significantly further losses in the near-term, with one analyst setting a target in the upper-$120 region \u2013 which may be supported by the fact that the fourth quarter of the year is historically when ETH sees its largest losses.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down over 7% at its current price<\/a> of $148.70, which marks a major retrace from its daily highs of over $160.<\/p>\n Ethereum has been caught within a firm downtrend ever since it failed to break above $190 earlier this month, and it is important to note that it has been unable to garner any significant upwards momentum in the time since it was rejected at $190, which has been largely due to its close correlation with Bitcoin.<\/p>\n Earlier today, the cryptocurrency did fall as low as $140 before it found some buying pressure, which may mean that this is a near-term support level that provides some much-needed relief to ETH\u2019s price action.<\/p>\n In spite of this, The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that ETH recently broke below the lower boundary of a descending triangle, which means it could move as low as $126 in the near-term.<\/p>\n \u201c$ETH: Descending triangle is completed! This pennant typically breaks down as displayed. I think we could see $126-$130 region,\u201d she noted while referencing the chart seen below.<\/p><\/blockquote>\n https:\/\/twitter.com\/TheCryptomist\/status\/46949120<\/p>\n Although a drop to The Cryptomist\u2019s targets may seem unrealistic, it is imperative to keep in mind that ETH is still trading up from lows of $83 that were set in early-December of 2018.<\/p>\n Additionally, history may support the notion that Ethereum will soon see further downside, as it has historically seen 40% price declines during negative quarters, which would mean that it may drop to $108 in the coming couple of months.<\/p>\n Josh Olszewicz, another popular cryptocurrency<\/a> analyst on Twitter, spoke about this possibility in a recent tweet, pointing to a spreadsheet that shows ETH\u2019s historical returns on a quarterly basis.<\/p>\n \u201cHistorically – Q4 has been $ETH’s worst quarter – $ETH negative quarters have averaged -40% (= $108 for current quarter),\u201d he explained.<\/p><\/blockquote>\n historically, — #333kByJuly2025 (@CarpeNoctom) November 21, 2019<\/a><\/p><\/blockquote>\nHistory May Spell Trouble for ETH<\/strong>\u00a0<\/strong><\/h2>\n
\n
– Q4 has been $ETH<\/a>'s worst quarter
– $ETH<\/a> negative quarters have averaged -40% (= $108 for current quarter) pic.twitter.com\/oGD3RJMrGj<\/a><\/p>\n