Ethereum Weakens as Analysts Eye Possibility of Major Downside

Ethereum has been attempting to boost its market structure throughout the past few weeks, with bulls previously posting an ardent defense of its $320 lows set just weeks ago. The break above this level was technically significant and strengthened its market structure.

While speaking about the market’s near-term outlook, one analyst explained that he believes both Bitcoin and Ethereum are both positioned to see some serious weakness in the near-term. If both Ethereum and Bitcoin plunge in the near-term, it will likely send shockwaves throughout the market that further damage the mid-term strength that many altcoins had been seeing.

Timeline of Bitcoin, Ethereum