Analysts are fearful that Ethereum could drop under $300 despite strength in Bitcoin and legacy markets.
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Ethereum Could Move Under $300, Analysts Fear: Here’s Why
Ethereum is risking a drop under $300 due to it reaching a pivotal resistance region in the $380 region. One analyst commented on the matter:
“$ETH is likely headed to the top of this channel here at $400 and from there comes the moment of truth. I favor the RED path, but a HTF close above the RED region would force me to flip bullish. This is going to get interesting.”
Chart of ETH's price action over the past few years with analysis by crypto trader Credible Crypto. Chart from TradingView.com
The aforementioned analyst isn’t the only one that fears Ethereum could soon slip under $300.
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One trader noted that ETH’s recent price action on its daily chart looks bearish as the asset has formed a rejection. This could trigger a drop towards $240, similar to the aforementioned target. Commenting on the potential of this scenario playing out, this trader remarked:
“Actually just going to pitch straight for $240 as the target for $ETH. Rejection looking rough still on the Daily, nothing that’s changed the trade or the plan.”
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