- PUBLICIDAD -

- PUBLICIDAD -

Ethereum Touches Freshly Formed Resistance Level as Analysts Eye Further Downside

- PUBLICIDAD -

- PUBLICIDAD -

Ethereum’s price action has been closely mirroring that of Bitcoin’s in recent times, which has made it prone to seeing heightened levels of selling pressure in spite of ETH’s multiple recent attempts to break above its long-established resistance level at $190.

This selling pressure has sent ETH down to the lower-$180 region while also causing it to form some fresh resistance levels directly above its current price, which could send it reeling lower in the near-term.

Ethereum Finds Support Around $180 as Bitcoin Begins Consolidating 

At the time of writing, Ethereum is trading up over 2% at its current price of $183, which marks a slight climb from its recent lows of under $180 that were set yesterday.

Ethereum’s ability to post a strong and swift bound after its brief drop below $180 signals that this is a strong short-term support level that will likely continue to hold so long as Bitcoin doesn’t incur any significant selling pressure in the near-term.

Ethereum’s price action has been strikingly similar to Bitcoin’s over the past couple of days, and BTC is currently consolidating around $8,500, which appears to be its current support level that bulls are attempting to defend.

Ethereum’s ability to stabilize within the lower-$180 region comes as it faces increasing on-chain volume, which surged over 30% in the past 24-hours.

“24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%),” TokenAnalyst, a popular analytics group, explained in a recent tweet.

Near-Term Resistance Likely to Catalyze Further ETH Losses

HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Ethereum is currently pushing up against a fresh supply region that may force ETH back down to its support around $180.

“$ETH short idea. 2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open. Targeting the most recent swing low for now,” he said while pointing to the chart seen below.

In the near-term it is imperative that Bitcoin holds steady if ETH is to see any upside, as its close correlation with BTC could prove to be a bearish thing if the support that exists around $8,500 begins to fade as bears ramp up their selling pressure.

Featured image from Shutterstock.


- PUBLICIDAD -

Be sure not to miss any important news related to Cryptocurrencies! Follow our news feed in the way you prefer; through Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). Bitcoin never sleeps. Neither do we .


Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


Síguenos en Telegram

- PUBLICIDAD -

- PUBLICIDAD -

- PUBLICIDAD -

Deja una respuesta

Su dirección de correo electrónico no será publicada.

eleven − 3 =

Suscríbete a nuestro Boletín de Noticias
Regístrese aquí para recibir las últimas noticias y actualizaciones directamente en su bandeja de entrada.
Puedes darte de baja en cualquier momento