ETH Crashed heavily against Bitcoin which led to the ETH/BTC pair to see immense weakness as we can see in our Ethereum latest news today.
ETH is now dropping lower as Bitcoin’s $13,800 rejection made shockwaves over the entire market. it has reached its first key support zone but the weakness seen by both BTC and ETH will drag it lower in the near-term. The weakness can only be stopped if the bulls step up and boost the cryptocurrency together in tandem. One analyst however is expecting further downsides.
Ethereum crashed heavily and was struggling to match the strong momentum that was seen by Bitcoin but it has been also exposed to a strong weakness led by Bitcoin over the past few hours. BTC saw a push higher with led the token to reach its 2019 highs of $13,800. This move was important and led many investors to anticipate further upsides but the bears started a rejection right after. The rejection sent the cryptocurrency down to $13,200 and created massive shockwaves that put serious pressure on ETH as well. One analyst warned that more weakness could be imminent for ETH especially against the BTC trading pair.
ETH was trying to hold the $400 support levels as Bitcoin reclaimed the dominance over the market and saw the independent rally higher. However, Bitcoin’s rejection forced ETH below the key level. At the time of writing, Ethereum was trading at 4% at its current price of $390 and this marked a major pullback from the intra-rally high of $420 that was set a few days ago. The cryptocurrency is seeing weakness as well against the BTC pair which is down by 1% with a price of $0.029. While sharing his opinion on whether the ETH trend could turn bullish, one analyst explained that he expects to continue underperforming BTC:
“Ethereum: Still crashing heavily, as expected. I’m looking to be buying this one in December/January and probably around the 0.025 area. But short term, a slight bounce can occur. The crucial breaker is the 0.0315 sats zone.”
Unless something shifts this trend, as the release of ETH 2.0 upgrade, the release of Phase 0, or something else, there’s a strong chance that Ethereum will continue to see weakness in the short-term.
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