Ethereum to Hit $240 as Analysts Claim Market Structure Looks “Abysmal”

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Ethereum’s price action has been strikingly similar to that of Bitcoin, and the crypto has been unable to garner any independent momentum This has led ETH to consolidate between $340 and $360 throughout the past couple of days Its reaction to any signs of weakness from BTC has been quite pronounced, which could mean that it will see an extreme reaction to any Bitcoin downturn Analysts are now noting that Ethereum’s market structure looks “abysmal” and could indicate that downside is imminent One trader is targeting a move down towards $240 in the near-term Ethereum has had a rough past few weeks, with its price forming an incredibly wide trading range between $315 and $380, while its buyers and sellers reach an impasse due to Bitcoin’s persistent bout of consolidation. Where the cryptocurrency trends next will undoubtedly depend on Bitcoin, as the benchmark crypto has been firmly guiding the aggregated…

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