ETH and the entire crypto market have been lacking momentum in recent days, with the aggregate market surging last week losing strength after Bitcoin reached the mid $ 11,000 zone.
Altcoin – which was recently able to break above $ 380 – has slipped below this level and may be in a slightly precarious position.
Despite its lackluster price action over the past few days, one analyst is expecting an imminent price surge.
ETH declined major support
At the time of writing, ETH is trading slightly up at its current price of $ 378. This is around the area where it was traded throughout the morning, with the bulls recently losing the support it had before. That’s $ 380.
The drop below $ 380 is technically significant, as this has long been a key level for cryptocurrencies.
Its next trend will likely depend on where Bitcoin is, as King Coin is currently trying to avoid the headwinds being created by today’s stock market crash.
Possibly up to $ 420
While sharing his thoughts on ETH’s current technical outlook, analyst “SmartContracter” explained that he is on track of the $ 420 rise in the near term.
According to him, ETH is currently trying to turn the $ 375 level into support, which could drive it higher.
“ETH: A nice SR flip is forming here, I think we can push higher to $ 420 coinciding with Fib 0.618 before I reassess.”
Bitcoin’s next destination over the next few days will provide some serious insights into where altcoins like ETH are going.