Negative Ethereum Sentiment Could Trigger Dive To $200

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Negative Ethereum Sentiment

Bitcoin’s recent ascent has turned out to be a negative thing for the aggregated crypto markets, as it has led the majority of altcoins– including major ones such as Ethereum (ETH)– to dip as BTC proceeds to amass greater dominance over the markets.

Now, analysts are considering that Ethereum might still see some bullish price action in the near-future, which comes as the sentiment surrounding the cryptocurrency is coming to be incredibly bearish.

Ethereum Plummets Towards $200 as Selling Pressure Ramps Up 

At the moment of writing, Ethereum is trading down nearly 3% at its current price of $204, which in turn is down substantially from its daily highs of almost $215.

Throughout a one-week period, ETH is trading down substantially from its highs of $240 and is currently trading simply a hair above its seven-day lows of $200 that were imposed earlier today.

This bearish price action just marks an extension of the sell-off that originally began in early-July when the cryptocurrency was trading over $300, which was very closely followed by a razor-sharp pullback that has led it to its current price levels.

Despite this massive drop, Dj Thistle, a popular crypto analyst on Twitter, recently told his nearly-30k followers that ETH could be gearing up for a further big movement upwards based upon a fractal formation that it formed in early 2017.

“Gettin’ closer,” he concisely noted in a recent tweet, while pointing to the below chart.

Sentiment Surrounding ETH Grows Bearish

Perhaps more importantly, battle weary Ethereum investors are feeling increasingly bearish about the cryptocurrency, as a recently created Twitter poll identified that of approximately -4,000 participants, 34% of them feel ETH will never again trade above that magic $1,000, which is about where the all-time-highs for Ethereum currently stands.

“Will $ETH ever trade above $1000 again?” Nik Patel, a popular cryptocurrency analyst, asked in a recent tweet

While this sentiment may be disheartening for embattled Ethereum investors, it is valuable to note that bearish sentiments generally predate upwards movements and might be used as a good counter indicator.

As the 2nd half of the year continues on it is highly likely that it will grow increasingly clear as to whether or not altcoins will have the ability to regain dominance over the markets, or if Bitcoin will go on to maintain its dominance over the markets.

Featured image from Shutterstock.

The post Ethereum Dives Towards $200 as Sentiment Surrounding ETH Grows Negative appeared first on NewsBTC.

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