Ethereum Reaches a”Vital” Point as Bulls Fail to Flip Resistance to Support
Until miners slow the selling pressure they are placing on the benchmark crypto, there’s a strong possibility it will keep on facing immense selling pressure that slows its ascent and generates tailwinds for the remainder of the marketplace.
BTC rejected in the mid-$36,000 area, whilst Ethereum rejected at $1,160. This has caused most altcoins to also plunge lower in tandem.
Where Ethereum tendencies will certainly depend mostly on Bitcoin, any extreme BTC selloff could lead to ETH to shatter below $1,000 once again and see a deeper drawback.
Ethereum has been slipping lower all morning in tandem with Bitcoin. The benchmark crypto led the market to find a rebound yesterday evening, but the selling pressure proved to be too much for bulls to handle.
- Ethereum and the entire crypto market has faced some weakness during the past couple of days
- Although both BTC and ETH are trading well above their recent lows, It’s important to note that bears are in the process of reversing yesterday evening’s gains
- This downtrend could prove to be bearish for ETH, as the crypto has been unable to flip a key resistance level into support
- This comes as it ventures into what one analyst is describing as a”vital” stage that could provide some serious insights into where the entire market will trend next
- Where Ethereum trends in the mid-term will undoubtedly depend on Bitcoin and its response to the support at the reduced -$30,000 region
At the time of writing, Ethereum is trading down just over 6 percent in its current price of $1,020. This marks a notable decline from its recent highs of $1,160 which were set overnight.
“ETH / USD: Macro construction is looking good and nice recovery up to now from this key support region. Now its time to find out if this level of previously support will now be flipped into resistance. Pretty vital here that both pairings move higher on LTF.”
Where ETH trends in the near-term should depend mostly on BTC and the remainder of the crypto market, but its inability to flip one key resistance level into service could foretell additional downside.
Published at Tue, 12 Jan 2021 22:00:25 +0000
Featured image from Unsplash.
Source: BTCUSD on TradingView.
Ethereum Slides Lower Alongside Bitcoin
The cryptocurrency’s inability to gain any momentum comes as Bitcoin faces a similar problem.
During Ethereum’s overnight recovery, it attained a”vital” level when it tapped $1,160, which one analyst had hoped would be flipped to support.
The rejection was grim and has since led it to see serious downside.