Ethereum Shows Weakness As It Fails The Key Level

0

The price of Ethereum (ETH) has remained below a very significant level in the past few days. While the strength signals for Ethereum were flashing, buyers were unable to break the selling pressure located at the $ 450 level. This level marks the level that ETH bulls have struggled to overcome in the past few weeks.

Until this level is surpassed, ETH can remain in a dangerous position. As both buyers and sellers are trying to break this level, a strong break is currently unavailable for either side.

A popular analyst points out that until this level is surely passed, we may see some serious downsides.

Ethereum has been following the price of Bitcoin closely, as in the past, and this triggers some of the weaknesses for ETH that have emerged in the drop of Bitcoin to below $ 15,000.

The popular analyst stated that as long as Ethereum stays below the $ 450 zone, this weakness will not end.

Critical resistance at $ 450 triggered multiple sales last week. Therefore, Ethereum must first turn this resistance level into a strong support level in order to make its expected rise.

In the next few days, it will be certain which direction the trend will be in line with the price movements of Bitcoin. If Bitcoin can stabilize or rise higher, it could break this important level in Ethereum.

Ethereum (ETH) is trading at $ 449 as of writing.

See Also
Vitalik Buterin Announces: Is This Mystery of Ethereum Trading Solved?

LEAVE A REPLY

Please enter your comment!
Please enter your name here