Ethereum\u2019s bulls were unable to defend against the cryptocurrency breaking back into the $120 region, which is where ETH has consistently found strong support during the downtrend that it has been caught in over the past several months.<\/p>\n
It is probable that this region will continue to hold strong in the near-term, as analysts are now noting that they anticipate Ethereum to outperform Bitcoin in the coming days and weeks.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down 3% at its current price<\/a> of $128, which marks a notable drop from its daily highs of multi-day highs of just under $140 that were set this past weekend concurrently with Bitcoin\u2019s surge to highs of $7,500.<\/p>\n It is important to note that Bitcoin has been the determining factor for Ethereum\u2019s recent price action, which may mean that ETH is in for further losses as BTC struggles to maintain above $7,000.<\/p>\n The two key support levels that traders ought to watch in the near-term currently exist at $125 and $120, as these are both levels at which the crypto has found tremendous buying pressure.<\/p>\n In the short-term, Ethereum has been underperforming Bitcoin, as it is currently trading down over 1% against its BTC trading pair.<\/p>\n In spite of this near-term bearishness, the bull case for ETH still remains strong, and Scott Melker \u2013 a prominent cryptocurrency analyst on Twitter \u2013 explained in a recent tweet that he anticipates Ethereum to outperform Bitcoin in the coming days and weeks.<\/p>\n \u201c$ETH looks somewhat better than $BTC at the moment,\u201d he concisely noted.<\/p><\/blockquote>\n $ETH<\/a> looks somewhat better than $BTC<\/a> at the moment.<\/p>\n — The Wolf Of All Streets (@scottmelker) December 31, 2019<\/a><\/p><\/blockquote>\n\n