RATE Group | Ethereum Caught in Descending Triangle as Analysts Eye Further Losses
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Ethereum Caught in Descending Triangle as Analysts Eye Further Losses

17 Oct Ethereum Caught in Descending Triangle as Analysts Eye Further Losses

Posted at 06:33h in Ethereum News by

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Ethereum (ETH) has been facing a significant influx of selling pressure over the past 24-hours, which has partially been driven by the selloff that Bitcoin experienced earlier today that sent the embattled cryptocurrency reeling below $8,000.

Analysts are now noting that ETH is caught in a wide descending triangle that could send the cryptocurrency plummeting significantly lower in the near-term, and analysts are now targeting $170 as its next target.

Ethereum Plummets Towards $170 Amidst Crypto Market Sell-Off

At the time of writing, Ethereum is trading down nearly 5% at its current price of $175, which marks a significant drop from its recent highs of over $190 that were set last week when ETH quickly surged towards $200 before incurring a massive influx of selling pressure that sparked its current downtrend.

It is imperative to note that Ethereum’s bearishness as of late has simply been the result of Bitcoin’s inability to find any significant stability within the lower-$8,000…

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