Ethereum has been stuck below $380 for the past few days, which is a critical level that has long held serious influence over the entire crypto market.
If it remains stuck below this level, it could be a sign that bulls are losing their edge over the asset and that further downside is imminent.
ETH’s near-term outlook appears to remain largely correlated to Bitcoin, as the benchmark cryptocurrency has been providing firm guidance to the altcoin market as of late.
This isn’t a bad thing, as BTC is stable at around $11,500 and may be growing stronger as bulls aim at breaking its $11,600 resistance.
In the near-term, ETH bulls must shatter the $380 level and confirm it as support. Doing so will provide the crypto with a strong base of support that could help launch it significantly higher in the days and weeks ahead.
One analyst explained in a recent tweet that there are a few catalysts in