Here’s Why an Analyst Thinks Ethereum Will Soon Hit $240

Here’s Why an Analyst Thinks Ethereum Will Soon Hit $240


Ethereum is slipping lower despite a 5% rally in the price of Bitcoin, seemingly spurred by the inflows of MicroStrategy’s latest over $100 million BTC purchase. The leading cryptocurrency has slid from its local highs near $390, set last week, to $355 as of this article’s writing. The coin reached as high as $375 earlier Tuesday.

While Bitcoin is holding up well, trading for $10,750 as of this article’s writing, analysts are once again getting bearish on the crypto market’s prospects.

One trader thinks that Ethereum is primed to plunge under the critical $300 support level to lows not seen in over a month. This drop could mark the end of the ongoing “altcoin season” that has sent many cryptocurrencies skyrocketing higher over recent months.

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Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million Here’s Why an Analyst Thinks Ethereum Could Soon Fall Under $300, Then Even Lower

Ethereum could soon hit $240 as selling pressure mounts,

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