Following last week’s incredibly positive price action in the crypto markets, Bitcoin and most major cryptocurrencies have been able to maintain a large majority of their recent price gains. At the time, this positive price action allowed Litecoin to skyrocket over 30% and Ethereum to surge well over 10%.
Despite this, both Litecoin and Ethereum may soon see increased selling pressure, as multiple analysts view these cryptocurrencies as bearish for the time being.
Analysts Claim Ethereum Likely to Drop Towards $114 in Near Future
At the time of writing, Ethereum is trading up just under 1% at its current price of $122 and is up significantly from its weekly lows of $103.
Although Ethereum is expressing stability at its current price levels, it has tried to break above $124 on multiple occasions since pumping late-last week, signaling that this price will likely prove to be a level of relative resistance for the cryptocurrency.
The Cryptomist, a popular cryptocurrency analyst on Twitter, recently shared her thoughts on Ethereum’s current price action, noting that ETH is likely to drop towards $114 before seeing further price gains at a later time.
“$ETH… 130 target hit… Short term fall coming; rising wedge and bearish