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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Here’s Why an Analyst Thinks Ethereum Could Soon Fall Under $300, Then Even Lower
Ethereum could soon hit $240 as selling pressure mounts, one trader recently suggested:
“Actually just going to pitch straight for $240 as the target for $ETH. Rejection looking rough still on the Daily, nothing that’s changed the trade or the plan.”
Chart of ETH's price action over the past few years with analysis by crypto trader Cold Blooded Shiller (@ColdBloodShill on Twitter). Chart from TradingView.com
Despite the short-term weakness, analysts remain convinced that Ethereum’s long-term trend is