Cryptocurrency
Ethereum’s Mid-Term Outlook Remains Extremely Bullish Despite Today’s Drop
As reported on NewsBTC, “Ethereum has seen some rocky price action over the past few days, with sellers gaining clear control over its price action today after pushing it down over 20% from its multi-day highs. “This selling pressure has come about in tandem by that seen by both Bitcoin and the rest of the […]
As reported on NewsBTC, “Ethereum has seen some rocky price action over the past few days, with sellers gaining clear control over its price action today after pushing it down over 20% from its multi-day highs.
“This selling pressure has come about in tandem by that seen by both Bitcoin and the rest of the crypto market, with this ongoing downswing marking a market-wide correction following the intense uptrend seen throughout the past couple of weeks.
“With regards to ETH, analysts are noting that this latest decline has not done much damage to its mid-term outlook, as it remains well above its recent lows of $370 that were set last week.
“One trader is still expecting it to see further near-term upside, noting that he is adding to his spot positions between $380 and $400.
“The past day has been rough for Ethereum, as the cryptocurrency faced a massive influx of selling pressure that caused it to plunge from highs of $450 to lows of $390.
“At the time of writing, ETH is trading down over 9% at its current price of $401, which marks a notable decline from its recent highs of $490 that were set just a few days ago…”