ETHEREUM FACES A SLIGHT SELLOFF AS ANALYSTS EYE DOWNSIDE MOVE TO $550

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ETHEREUM FACES A SLIGHT SELLOFF AS ANALYSTS EYE DOWNSIDE MOVE TO $550

Ethereum has been closely tracking Bitcoin’s price action as of late, which has exposed it to seeing some notable downside.

The selling pressure seen by the entire market as of late has all come about solely due to Bitcoin’s continued inability to make any meaningful progress towards breaking above its $19,800 resistance.

A rejection just below this level yesterday is what sent ETH spiraling below $600.

One trader is now setting his sights on a move to $553, noting that he will place bids here in hopes of it seeing a deeper retrace today.

At the time of writing, Ethereum is trading down just over 4% at its current price of $592. This marks a notable decline from its daily highs of $625 set around this time yesterday when bulls attempted to post a fresh breakout.

The resistance at $620 was too significant for the cryptocurrency, however, and Bitcoin’s rejection at $19,500 perpetuated this latest move lower.

Ethereum, much like Bitcoin, has been setting higher lows with each rejection that it faces. This is a positive trend that speaks to bulls’ present strength.


If sustained above its current price levels, this rejection could also mark a higher low. However, one analyst believes that it will soon break this trend and plunge all the way down to lows of $553 before finding support.







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