Ethereum has recently experienced some weak price action and was largely a sideways trading exposed – similar to Bitcoin and the entire crypto-market.ETH has shown in the last few hours, some signs of weakness as the crypto-currency has fallen below its well-established Trading range.This has led to what analysts refer to as the “critical level”, and ETHs response could determine his fate in the coming months.A venture capitalist notes that the crypto currency has to necessarily make in the short term, a movement, as their thickness decreases, the longer it moves sideways.
The sideways movement of Ethereum in the last few weeks could be approaching soon the end, because the persistent will lead to the end of the outbreak under a key support level is likely to be a critical support level.
Analysts have noted that the response to this level in the determination of the direction in which ETH in the second half of the year tends to be, could play a major role.
ETH should be able to, there is a strong bullish reaction on this support, could this be a sign of a fundamental weakness, which indicates that more are imminent downward movements immediately.
A venture capitalist is of the view that the likelihood of ETH device in a short-term downward trend, is the greater, the longer the crypto-currency sideways trade without a clear Trend.
Ethereum: a venture capital investor predicts short-term weakness
At the time of writing, Ethereum will be traded at the current price of 228 USD. This corresponds approximately to the level at which the crypto-currency has major support found.
The buyer should not be able to support you and in the previously established Trading range between 230 and 250 USD return, could enter the crypto-currency in an intense downtrend.
A prominent venture capital investor is of the view that the chances of that Ethereum has seen further rate declines to rise to the extent that ETH is dwindling at its current price level “”.
“The longer BTC & ETH here, the more likely it is that we descend in spite of the strong fundamentals of both a further stage to test major carrier. I would like to be driven rather than macro-jitter-because, as a specific for the future of the Kryptos view.“
This important level could well determine the future of ETH
A well-known crypto-currency analyst, writes on Twitter that the reaction of Ethereum will be on the 220-Dollar-Region is crucial for where you will develop in the coming months.
He believes that the ETH is going to jump within this price region, but this could, in turn, depend on the price action of Bitcoin.
“ETH LTF-Update: I am waiting on whether or not the PA is in decline, and some of the commandments will fill in this very strong 220 $Region, which is already since a while, a key level for price actions… I currently have orders that can be executed there, since I reckon with a recovery to $ 230.”
Image courtesy of Cactus. Chart on trading view