Ethereum has been stuck below $380 for the past few days, which is a critical level that has long held serious influence over the entire crypto market.
If it remains stuck below this level, it could be a sign that bulls are losing their edge over the asset and that further downside is imminent.
ETH’s near-term outlook appears to remain largely correlated to Bitcoin, as the benchmark cryptocurrency has been providing firm guidance to the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin market as of late.
This isn’t a bad thing, as BTC is stable at around $11,500 and may be growing stronger as bulls aim at breaking its $11,600 resistance.
In the near-term, ETH bulls must shatter the $380 level and confirm it as support. Doing so will provide the crypto with a strong base of support that could help launch it significantly higher in the days and weeks ahead.
One analyst explained in a recent tweet that there are a few catalysts in the near-term that could provide it with serious upside, including phase 0 launch of ETH 2.0 and a higher high and higher low on top of its 715-day trading range breakout.