Similar to Bitcoin and all other major cryptocurrencies, Ethereum is currently in a range of area trading that has caused it to hover in the middle of the $ 130 region.
However, this lackluster price movement may not last long as analysts are now generally finding that crypto could soon become "hard" on the next big Bitcoin sell-off.
This next move will be driven by the underlying technical weakness as Ethereum has failed to break through major levels of resistance and has been trying to establish significant support throughout its recent uptrend.
Ethereum is trading sideways while analysts are watching the technical weakness
At the time of writing, Ethereum is trading sideways current price from $ 135, which is approximately the point where it was trading at $ 140 in the last few days after its recent rejection.
This price movement has been parallel to that of Bitcoin, which is currently floating in the upper $ 6,000 region, with the bulls struggling to overcome the resistance found at $ 6,900.
As previously reported by NewsBTC, Ethereum's technical situation currently appears to be quite bad. Numerous factors indicate that further downward movements could be imminent.
DonAlt, a highly respected analyst and trader, recently tweeted that he believes ETH is very bearish against the USD as long as it trades below USD 150.
“ETH: The USD pair looks even worse. ETH has fallen over 90% and is now moving in lower highs and lows. I like it to be as bullish as the next one, but as long as ETHUSD trades and closes below $ 150, I see little reason to expect higher prices, ”he said.
The USD pair looks even worse.
ETH has fallen over 90% and is now moving in lower highs and lows.
I like being as bullish as the next guy, but as long as ETHUSD trades and closes below $ 150, I see little reason to expect higher prices. pic.twitter.com/MANaB9O2jn
– DonAlt (@CryptoDonAlt) March 25, 2020
Trader: ETH will drop the next bitcoin drop
Mac, another popular cryptocurrency analyst on Twitter, recently tweeted that he believes Ethereum will leave Bitcoin in the short term and found that during the next decline in the benchmark cryptocurrency from its current price of 0, 02 BTC could fall to 0.018 BTC.
"Expect ETH to dive hard on the next BTC dump" he said with reference to the following table.
Bitcoin's price performance is likely to continue to guide that of Ethereum and the aggregate crypto market over the coming days and weeks, although it is likely that ETH's technical weakness will cause it to underperform BTC in the next decline.
Featured image from Shutterstock.