Ethereum has been struggling to garner any technical strength in the time following its dip below $380 This is a critical level that has determined its trends in the past, and the break below it is quite bearish Where the entire market trends next will likely depend on Bitcoin, but any near-term BTC downside could force ETH below a critical support level It is currently trading just a hair above this level, and one analyst is noting that a break below it could lead to a sharp selloff that erases all of its recent gains
Ethereum and the entire crypto market have lost their momentum, with many altcoins drifting lower as Bitcoin remains stable around $11,400.
The entire crypto market’s near-term outlook hinges largely on that of Bitcoin. Until the benchmark cryptocurrency can gain some momentum, altcoins will likely continue seeing some underperformance.
One analyst is now noting that Ethereum’s recent decline has driven it down towards a crucial