Sorry bulls, but it might just be game over for Ethereum. The cryptocurrency’s intense uptrend seen in early-February has now been fully erased by the selloff seen over the past couple of days, which has shifted its market structure to be highly bearish.
This has led one top analyst to note that Ethereum has just dipped below a “do or die” support level that had previously been supporting its price action, with a sustained break below this level opening the gates for serious downside.
This movement is also coming as multiple fundamental indicators begin flashing bearish signs, suggesting a movement to sub-$200 is imminent.
Ethereum Plummets Towards $200 as Bears Roar
At the time of writing, Ethereum is trading down over 13% at its current price of $205, which marks a notable decline from daily highs of $252 that were set yesterday just prior to the market-wide selloff that was led by Bitcoin.
In the time since tapping these highs, ETH has been caught within a firm downtrend that has shown no signs of letting up anytime soon, with each attempted bounce resulting in firm rejections that catalyze further downside.
It now appears that this latest leg down has sent the cryptocurrency reeling beneath a “do or die” support level that bulls have been defending for multiple months.
Jacob Canfield – a top cryptocurrency analyst and trader – spoke about this level in a tweet from just prior to the cryptocurrency’s dip below $220, pointing to a chart showing the critical nature of this support level.
“Ethereum sitting on a do-or-die level for its current trend. A break here could see sub $200 ETH and lower,” he explained.
#Ethereum sitting on a do-or-die level for its current trend.
— Jacob Canfield (@JacobCanfield) March 8, 2020
These Fundamental Factors Suggest ETH is Poised for Significantly Further Losses
Breaking below this key multi-month support level isn’t the only thing currently counting against Ethereum’s bulls, as several of the crypto’s fundamental factors seem to suggest further downside is imminent.
Escobar, a popular crypto trader, spoke about these factors in a recent tweet, pointing to ETH’s climbing open interest, volume, and dropping price as factors that he is closely watching at the moment.
“Missed this move down from $252… OI up, Vol up, Price down. Bearish retest .618fib, return move to confirm double top reversal. Looking to short the bounce. Game over Ethereum,” he bearishly explained.
Unless bulls step up and catalyze a massive upwards movement, it appears that a movement to below-$200 is imminent.
Featured image from Shutterstock.
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