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  • Ethereum has seen intense volatility in recent days, with buyers taking full control of the price action last week before seeing a massive sell-off
  • This drop erased the week-long gains and caused the cryptocurrency’s price to plummet to lows of $ 900 set this morning.
  • This happened along with Bitcoin seeing some weakness as well, with the benchmark cryptocurrency
  • BTC is down to $ 30,000 with sellers in full control of the price action as the cryptocurrency does not find strong buy-side support
  • As long as BTC shows persistent signs of weakness, it could also create headwinds for Ethereum and other altcoins
  • One analyst notes that ETH is above a critical level of support that makes this possible

Ethereum has seen some intense volatility lately, with sellers wiping out recent gains as they pushed it from highs of $ 1,400 to lows of $ 900 earlier this morning.

Since then, it has posted a strong rebound from these lows and is attempting to roll back USD 1,000 to support, but it remains unclear whether or not this will be a strong level of support and allow for further expansion.

A trader notes that the recent dip has led the cryptocurrency to a significant level of support. Maintaining this level for the next few days could create significantly higher upside potential.

Ethereum is showing signs of weakness as Bulls struggle to defend $ 1,000

At the moment of writing, Ethereum is trading more than 20% at the current price of $ 1,000. This is where it has been trading in recent days, with selling pressure above this level proving to be significant.

Any attempt to convert $ 1,000 into support after the dip to lows of $ 900 was met with intense selling pressure.

If it can stay firmly above this level in the short term, it could show a serious rebound in the coming days and weeks.

Trader: ETH finds strong key-level support

A merchant explained in a recent tweet that ETH has been able to find strong support at a key level, suggesting the benefit is imminent.

“ETH kijun and 20 days sit there like ‘how are you?'” He said pointing to the table below.

Ethereum

Image Courtesy of Ledger. Source: ETHUSD on TradingView.

The next few days should shed some light on Ethereum’s short-term outlook, like any intense one Bitcoin volatility is also likely to impact the price action of ETH and other altcoins.

Featured image from Unsplash.
Charts from TradingView.





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