ETH fights for its life while being in the rebounding process from the daily lows that were set a few hours ago. The cryptocurrency is facing strong selling pressure and it is struggling to build momentum remaining below the $370 price level as we are reading in today’s Ethereum price news.
One analyst noted that the ETH fights for its life and it is trading around a crucial support level. The bulls and bears have been an impasse when it comes to this asset which is surpassing the strength Bitcoin saw over the past few weeks. It’s also important to note that ETH avoided breaking below the crucial line in the sand support level. ETH had a hard time keeping up with Bitcoin in the past few days with its price being dragged lower by the headwinds that were created by the ongoing drop on the Defi market.
This weakness led to a low of $350 which is the point where the bulls stepped up and started fighting against the losses. Analysts are now saying that the cryptocurrency could be in a good position to see upside but only if it can continue to defend the last-ditch support level. A break below the level could be harsh can could cause the crypto to see a bigger low. At the time of writing, Ethereum is trading up about 1% at a currency price of $368. This marks a notable upswing from the lows of $356 but a drop from the highs within the lower -$370 region. ETH saw turbulence lately which has come because of the moves seen in the Defi sector.
Most defi coins are now having a hard time and are creating headwinds for ETH. There’s a chance that they will continue hampering the upside potential in the near-term as one analyst noted that the $356 level is the line in the sand which has to be defended. If not, a massive downside will come so how will Ethereum trend in the upcoming days could be vital for the macro strength:
“ETH fighting for its life while BTC grinds up due to ETH/BTC looking like crap. 356$ is the line in the sand – bull above, close below and we FUD Vitalik and fees again. Pretty bad spot to be overexposed to alts.”
Also, how will the Defi tokens trend in the near-term be a deciding factor that will influence Ethereum’s outlook.