Ethereum is currently trading around $ 178. It has swiftly moved downwards from $ 210 to $ 178. The low which it had made in September is around $ 173. The low in the past 24 hours is $ 171. The question which remains is whether it can head significantly lower from these levels.
Will Ethereum (ETH) head even lower after forming fresh 2018 lows?
Currently, when you look at the support levels for Ethereum (ETH), you will realize that the nearest support is around $ 170. In the last 48 hours, it has bounced back from the levels of $ 171. Thus, it has already broken the level of $ 173, which is low which it had created in the month of September. This is one of the main reasons why investors and traders are now not sure whether it will be able to hold onto the support levels of $ 170 or not. One thing which is for sure is that it has made a new low for the year 2018. The question which is pending is whether the next low which it makes for the year 2018 will eventually be much lower than the present prices levels or whether it will be able to bounce back from these levels. There are close supports nearby but keeping in mind the ferocity of the downtrend, it is important to keep in mind that the supports might not hold for a longer period of time.
Once it breaks the levels of $ 170, the next support will be around $ 160. After that, the next support is around $ 150. All of these levels are pretty crucial if Ethereum (ETH) has to bounce back.
On the other hand, when you look at the overall cryptocurrency market, the sentiment is pretty negative. This clearly indicates that the downtrend is pretty ferocious and there is very little chance of any kind of recovery. Unless and until the mainstream cryptocurrencies like Ethereum (ETH) see some recovery, it will be very difficult for the other cryptocurrencies like Litecoin to recover. This can be a problem.
With Bitcoin (BTC) already trading at 2018 lows, it is indeed very difficult for Ethereum (ETH) to recover without any support from Bitcoin (BTC). Traders are also turning more and more cautious. Due to this very reason, they are not venturing into Ethereum (ETH) at the current levels. They are waiting it out to find out whether Ethereum (ETH) heads to much lower as compared to the current price.