Story by: Cole Petersen
After reclaiming the $130 level earlier this past week, Ethereum (ETH) is currently struggling to hold above this level as bears attempt to take full control of the aggregated cryptocurrency markets.
It is important to note that ETH’s current bearishness could cut deeper in the near-term, but analysts are noting that the cryptocurrency’s current price action looks strikingly similar to that seen by Bitcoin when it was trading within the lower-$3,000 region in late-2018 and early-2019.
If this similarity is valid, Ethereum could be on the verge of incurring a significant amount of upwards momentum that potentially leads the crypto into a multi-month bull market throughout the early part of 2020.
Ethereum’s Bulls Struggle to Hold ETH Above $130 as Selling Pressure Ramps Up
The $120 to $125 area is a key support region for the cryptocurrency, as $120 is where it bounced during its recent capitulatory sell off, and $125 is a level that bulls ardently defended for the past couple of weeks.
HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes today’s slight ETH sell-off may be fleeting, as it swept its range lows and was able to post a bounce at this level.
“$ETH short update: May have gotten shaken out here, more setups to come. Closed for the same reason as the BTC short. The correlation with BTC and ETH led me to believe we’d push up after Monday’s low getting swept on BTC. +1.24R (before fees),” he explained while pointing to the chart below.