Ethereum failing to move past the resistances in the $365-375 region could result in a strong correction according to top analysts.
Michael Van De Poppe, a crypto analyst and a trader at the Amsterdam Stock Exchange, says that should the cryptocurrency fail to move past this resistance, it could drop towards $300, then slightly lower. This region is important as it’s where a number of ETH corrections bottomed in the past two months.
“All right, this one is moving upwards and that’s good. However, the crucial hurdle is around $366-375 to break. If that breaks, $ETH is ready for $415. If not, I assume $280 as a likely possibility for further corrective movements in Q4.”
Chart of ETH's price action over the past few months with analysis by crypto analyst Michael Van De Poppe. Chart from TradingView.com
All Eyes on Bitcoin
While Ethereum may be in no man’s land in and of itself, Bitcoin’s price action will dictate that of altcoins moving forward.
Analysts are optimistic about BTC after the coin surged towards $11,000 on Sunday evening. The surge convinced many that the prevailing short-term trend is bullish as opposed to bearish.
As reported by