Ethereum (ETH) has seen some incredibly bearish price action over the past several days and weeks, with Bitcoin’s recent break below $10,000 catalyzing a short-term downtrend that has impacted all major cryptocurrencies.
This bearishness has led ETH to retrace down towards its key support at $240, which its bulls have been ardently defending over the past couple of days.
Now, analysts are noting that there is one critical support that bulls need to defend, and that a strong bounce at this level could catalyze an unprecedented parabolic rally that leads the crypto to surge up towards $700.
Ethereum Retraces Towards Key Support as Bears Begin Gaining the Upper Hand
At the time of writing, Ethereum is trading down 7% at its current price of $245, which marks a notable decline from daily highs of nearly $270 that were set just prior to its sharp selloff that sent it to lows of $240.
It is important to note that bulls have been able to defend against the crypto dipping below $240, despite the intense bearishness seen by Bitcoin over the past several hours. Read More...