Analysts Eye Downside as Ethereum Fails to Surmount a Critical Trendline

Ethereum has seen relatively lackluster price action in recent times, as it has continued hovering between its wide trading range between $230 and $250. Today, bulls once again attempted to catalyze some upwards momentum, but they were met with a sharp influx of selling pressure that caused ETH’s price to hit a critical support level.

As Bitcoinist reported yesterday, $238 is a crucial level that Ethereum’s buyers must defend, as one analyst cited within the report noted that a decline beneath this level could cause ETH to set lower lows. One analyst pointed to this formation, explaining in his chart that if it breaks this level, it would be the “most significant ETH breakout since the bubble ended in 2018.”.

Timeline of Ethereum