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Ethereum (ETH) Could Fall As Low as 315 USD if Bulls Are Unable to Protect One-Key Level.

November 3, 2020

Talking Points:

Despite the altcoin market not tracking BTC’s recent uptrend, it has been impacted by its downward trends.

The cryptocurrency saw another rejection at 13,800 USD last night that saw it slide into the low 13,000 USD zone.

This caused headwinds that put a halt to the breakout rally that ETH started forming yesterday.

ETH has now lost all of its recent gains and is currently at risk of witnessing major additional downturns.

One expert believes a move that will see it slide down towards 315 USD in the short-term.

ETH has been hit hard by BTC’s recent downtrend, as it attempted forming a breakout rally and was halted overnight after it witnessed a sharp selloff.

This selloff also came after several large sell orders were placed on exchanges such as Coinbase, with over 8,000 tokens being transferred by whales onto different trading platforms.

Where it trends in the short-term may rely heavily on how strong its 380 USD support holds.

One expert believes that a break below this level could open the door for additional losses that could see it slide as far as 315 USD.

ETH Failed to Breakout Upward Due to BTC’s Downturn.

At the time of publishing, ETH was trading down just under 4% at its present price of 382 USD. This is where it has been trading over the last couple days and weeks, with buyers and sellers unable to control its movements.

On Monday, it managed to rally towards 400 USD in a steep climb that occurred rather unexpectedly.

This movement was brief and was followed by some major downward movement, with bears moving in to halt it after it hit highs of 404 USD.

ETH Could Fall As Low as 315 USD if It Fails to Protect Key Support Level.

If ETH breaks below the 368 to 380 USD support zone, it could see some significant short-term losses.

One expert said in a recent tweet, saying that it could fall as low as 315 USD if this key zone is broken below.

“Ethereum: Still the same view here. Holding support, but barely. Losing $368-380 and I think we’ll see $315 area for support.”

ETH/USD Chart.

Chart created using https://www.tradingview.com/

The next couple of days should provide some clearer insight into where BTC and altcoins will move over the days and weeks ahead.

If ETH sees a major decline in the short-term, it might cause shockwaves that trigger additional buckling amongst smaller altcoins.

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