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2020 has been a great year for Ethereum, with the cryptocurrency incurring a significant amount of bullishness that ultimately resulted in a parabolic movement earlier this month that led ETH to rally to highs of $290. In the time following its retrace from these highs, bulls were able to support the cryptocurrency and absorb the intense selling pressure that ETH was facing, allowing it to dodge much of the losses that Bitcoin and other major altcoins were subjected to. Despite this, the crypto is now showing signs of weakness, and one analyst is noting that it could soon see its first major selloff of 2020 if it breaks below one key support level. At the time of writing, Ethereum is trading down 6% at its current price of $252, which marks a notable decline from daily highs of $270. ETH’s current downtrend is coming about in tandem with the price declines seen by Bitcoin and most other major cryptocurrencies, and the aggregated crypto market appears to be teetering on the edge of a precipice. The ongoing selloff has also led Ethereum to underperform Bitcoin, as it is currently trading down 3% against its BTC trading pair. Jonny Moe – a well-respected crypto trader – spoke about Ethereum’s BTC trading pair in a recent tweet, noting that it “looks like ETH wants to break down.”If its ongoing break below the level seen on the above chart is sustained, it is possible that its strong uptrend could be nullified, and that further downside may be imminent. It is also important to note that Ethereum is about to post a strong break below a critical support level at roughly $250 that has been supporting its price, with a sustained movement below this level being a catalyst for a “heavy selloff.”How Ethereum trends in the near-term will likely be dependent on whether or not Bitcoin continues dropping lower, but any further downside could prove to be grave for Ethereum’s bulls.
All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/02/25/ethereum-on-the-brink-of-a-heavy-selloff-for-first-time-in-2020-data-shows/
#ethereum #etncoin #bitcointousd #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
Ethereum On the Brink of a “Heavy Selloff” For First Time in 2020, Data: https://www.youtube.com/watch?v=GfpNfiXWFE0
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