Ethereum (ETH) has been hit hard by the decline seen by the mass cryptocurrency market, and with Bitcoin rising to almost $ 19,000, the new high for 2020 has reached the level of $ 495. Later, the largest altcoin fell rapidly and suddenly to the $ 450 level on some trading platforms.
This 10% drop in Ethereum happened within a few minutes and created a shock wave in the entire market. ETH, which has entered the recovery phase in a short time, is currently consolidated at just over $ 470.
Ethereum was the first digital asset to decline today, followed by its biggest competitor Bitcoin (BTC). The intensity of this decline was brutal and shattered all major support levels ETH had formed in the region above $ 400.
This decline had two major effects. The first was the liquidation of long positions and trapping bears expecting more negativity. This can be interpreted as a technical drop for a more sustainable rise of ETH in excess of $ 500.
Ethereum is trading at $ 472 as of writing. This marks a decline from the highs of about $ 500, but based on the lows of $ 450 just a few years ago, there seems to be a notable increase.
The bulls backing ETH at over $ 470 will mean technically difficult for the biggest cryptocurrency, and the crypto potential will rise in the near term.
ETH Could Hit $ 700 Level Soon
A popular cryptocurrency trader said he believes Ethereum will reach $ 700 in the short term.
“For Ethereum to rise, it needs to see $ 490 soon, and I see a clear path to $ 700. The drop to the $ 430 level seen last night is a gift from god. “