Bitcoin’s recent ascent has proven to be a negative thing for the aggregated crypto markets, as it has led most altcoins – including major ones like Ethereum (ETH) – to plummet as BTC continues to garner greater dominance over the markets.
Now, analysts are noting that Ethereum could still see some bullish price action in the near-future, which comes as the sentiment surrounding the cryptocurrency is becoming incredibly bearish.
Ethereum Plummets Towards $200 as Selling Pressure Ramps Up
At the time of writing, Ethereum is trading down nearly 3% at its current price of $204, which is down significantly from its daily highs of nearly $215.
Over a one-week period, ETH is trading down significantly from its highs of $240 and is currently trading just a hair above its seven-day lows of $200 that were set earlier today.
This bearish price action simply marks an extension of the sell-off that first began in early-July when the cryptocurrency was trading over $300, which was closely followed by a 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 another big movement upwards based on a fractal formation that it formed in early 2017.
“Gettin’ closer,” he concisely noted in a recent tweet, while pointing to the below chart.
#ETHEREUM $ETH $ETHBTC
gettin' closer pic.twitter.com/jvjjvE54Em
-mdash; dj Thistle / Coin Street News (@DJThistle01) August 8, 2019
Sentiment Surrounding ETH Grows Bearish
Importantly, embattled Ethereum investors are growing increasingly bearish about the cryptocurrency, as a recent Twitter poll signals that of nearly-4,000 participants, 35% of them believe ETH will never trade above $1,000 again, which is near where its all-time-highs currently exist.
“Will $ETH ever trade above $1000 again?” Nik Patel, a popular cryptocurrency analyst, asked in a recent tweet
Will $ETH ever trade above $1000 again?
-mdash; Nik Patel (@cointradernik) August 10, 2019
Although this sentiment may be disheartening for embattled Ethereum investors, it is important to note that bearish sentiments typically precede upwards movements and can be used as a good counter indicator.
As the second half of the year continues on it is highly likely that it will grow increasing clear as to whether or not altcoins will be able to regain dominance over the markets, or if Bitcoin will continue to maintain its dominance over the markets.
Featured image from Shutterstock.
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