Ethereum can Aim $120 Next, and History can Support This: Analyst

Ethereum (ETH) has been creating significant sales pressure over the past few weeks, which is the bitcoin it has faced since falling from its maximum of $10,600.

Analysts now point out that Ethereum can be deployed for new losses in the near future, with an analyst setting a target in the region of the top $120. Which may backed by the fact that the fourth quarter of the year historically when ETH sees its greater loss

Ethereum falls 8% while Bitcoin breaks below $7,000

At the time of writing, Ethereum is trading at more than 7% at its current price of $148.70, a large return of its daily maximum of more than $160.

Ethereum has been caught in a firm downtrend as it failed to exceed $190 earlier this month. It's important to note that it has not been able to reach a significant upward momentum at that time. Since then, it has been rejected at $190, largely due to its close association with Bitcoin.

Early today, the cryptocurrency fell as low as $140, before finding some buying pressure, which could mean that it is a level of short-term support. That provides much-needed relief for the price action of ETH. Provides

Despite this, The Cryptomist, a popular cryptocurrency analyst on Twitter, reported in a recent tweet. ETH recently broke below the lower limit of a descending triangle. Which means it was as low as $126 in the short term.

History can spell problems for ETH

Although the decline in The Cryptomist goals may seem unrealistic. It necessary to keep in mind that ETH is still trading at a minimum of $83 that set for early Dec 2018.

In addition, the story can support the notion that Ethereum will appear before and negatively since historically it has seen a 40% price drop during a negative quarter. Which means that it will decrease in the coming months. It may be $108.

Josh Olschiewicz, another popular cryptocurrency analyst on Twitter, talked about this possibility in a recent tweet. Pointing to a spreadsheet that reflects ETH's historical returns quarterly.
There is likely to be more rise in the coming hours and days when ETH approaches 2019. As there may be a spark of capitulation below any other nearby term.