- Ethereum has seen an intense selloff ever since its price reached highs of $1,450 just a few days ago
- The selling pressure here was rather intense and came about right as BTC started reversing its uptrend
- This caused the aggregated market to see some intense selling pressure that has yet to alleviate
- The crypto is now down nearly 20% from these highs, with bears continually placing massive selling pressure on its price
- Where ETH trends will generally depend on Bitcoin, as the benchmark crypto has been guiding Ethereum’s general trend over the past few weeks
- Any continued weakness could lead to a further breakdown, as many analysts are looking towards a test of the support at $1,100 そして $1,000
Ethereum has erased almost all of the gains that came about due to the recent push higher, with bears taking full control of its price action as BTC also slides lower.
The cryptocurrency’s weakness shows no signs of ending for now, which may be due to Bitcoin’s inability to see any significant strength.
One analyst is noting that ETH is still looking technically poised to see further upside from a macro perspective, as the cryptocurrency’s long-term technical structure actually remains quite bullish.
Ethereum Struggles to Gain Momentum as Bitcoin Plunges
Bitcoin has caused the entire crypto market to nuke lower today. 執筆時点, Ethereum is trading down over 13% 現在の価格で $1,190, which marks a notable decline from its recent highs of $1,450 ほんの数日前に設定.
The selling pressure seen at these highs was intense and, coupled with BTC’s bearishness, created an intense stream of selling pressure that has yet to subside.
It is currently trading above a strong support zone, but it remains unclear how long this will hold.
アナリスト: ETH Shows Some Signs of Strength Despite Capitulatory Selloff
One analyst explained that Ethereum is still flashing some signs of strength today despite the intense selloff seen throughout the past two days.
He notes that ETH’s overall market structure is still looking strong despite the severity of this latest pullback.
“Ethereum: it is still by far the best looking AltcoinAltcoinは、ビットコインを除くすべての暗号通貨として定義されています. 「アルトコイン」は2つの単語の組み合わせです: 「代替ビットコイン」または「代替コイン」. 終わった 1,500 さらに多くのリリースが計画されているアルトコイン.
‘ href =”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link =”内部”>altcoin in terms of price structure. – Above the cloud – Just tested all time high – Rejection but still above the previous low.”
Image Courtesy of Teddy. ソース: TradingViewのETHUSD.
Unless Bitcoin continues plunging lower, there’s a strong possibility that Ethereum will begin bottoming out and revert its momentum into bulls’ control.