Ethereum has been sliding lower all morning in tandem with Bitcoin. The benchmark crypto led the market to see a rebound yesterday evening, but the selling pressure proved to be too much for bulls to handle.
BTC rejected in the mid-$36,000 region, while Ethereum rejected at $1,160. This has caused most altcoins to also plunge lower in tandem.
Where ETH trends in the near-term should depend largely on BTC and the rest of the crypto market, but its inability to flip one key resistance level into support could foretell further downside.
Ethereum Slides Lower Alongside Bitcoin
At the time of writing, Ethereum is trading down just over 6% at its current price of $1,020. This marks a notable decline from its recent highs of $1,160 that were set overnight.
The cryptocurrency’s inability to gain any momentum comes as Bitcoin faces a similar dilemma.
Until miners slow the selling pressure they are placing on the benchmark crypto, there’s a strong possibility that it will continue facing immense selling pressure that slows its ascent and creates tailwinds for the rest of the market.
Analyst: ETH Fails to Surmount “Vital” Level During Recovery
The rejection here was grim and has since led it to see serious downside.
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
Where Ethereum trends will undoubtedly depend largely on Bitcoin, any intense BTC selloff could cause ETH to shatter below $1,000 once again and see a deeper drawback.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/3sj44h3
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.