- Ethereum has seen an intense sell-off since its price hit highs of $ 1,450 a few days ago
- The selling pressure was quite high here and came about just as BTC began to reverse its uptrend
- This resulted in the aggregate market seeing strong selling pressure that has not yet eased
- Crypto is now nearly 20% down from those highs, and bears are constantly putting massive selling pressure on their price
- Where ETH trends generally depend on Bitcoin as benchmark crypto has been setting the general trend of Ethereum for the past few weeks
- Persistent weakness could lead to another breakdown as many analysts target a test of the $ 1,100 and $ 1,000 support
Ethereum has erased almost all profits made as a result of the recent surge, with the bears taking full control of their price movements as BTC also slid down.
The cryptocurrency’s weakness shows no signs of an end for the time being, which may be due to the fact that Bitcoin cannot see any significant strength.
An analyst notes that from a macroeconomic point of view, ETH is still technically capable of generating further benefits as the long-term technical structure of the cryptocurrency actually remains quite optimistic.
Ethereum is struggling to gain momentum when Bitcoin collapses
Bitcoin caused the overall crypto market to be lower today. At the time of writing, Ethereum is trading over 13% at its current price of $ 1,190, a remarkable drop from its recent highs of $ 1,450 a few days ago.
The selling pressure at these highs was high and, together with the beariness of BTC, led to intense selling pressure that has not yet subsided.
It is currently trading above a strong support zone but it remains unclear how long this will take.
Analyst: ETH shows some signs of strength despite a capitulatory sell-off
An analyst stated that despite the intense sell-off over the past two days, Ethereum is still showing signs of strength.
He notes that despite the severity of this recent retreat, the overall market structure of ETH still looks strong.
“Ethereum: It’s still by far the best looking altcoin in terms of pricing structure. – Above the cloud – Only tested an all time high – Rejection but still above previous low. “
Image courtesy of Teddy. Source: ETHUSD on TradingView.
If Bitcoin stops falling, there is a good chance that Ethereum will hit rock bottom and bring its momentum back into the control of the bulls.
Featured image from Unsplash. TradingView charts.