Bitcoin’s recent turbulence has spilled over into the aggregated crypto markets, leading most major cryptocurrencies to form a close correlation with its price action – which has proven to be highly bearish for Ethereum (ETH) and other major altcoins.
In spite of this near-term bearishness, analysts are noting that Ethereum may be attempting to form a long-term bottom against its BTC trading pair, which could mean that it will begin finding some upwards momentum in the near-term.
Ethereum Plummets Towards $140 Amidst Early-Morning Sell-Off
At the time of writing, Ethereum is trading down over 4% at its current price of $146.00, which marks a massive sell-off from its weekly highs of nearly $180.
Ethereum’s bearishness in recent times came about after it attempted to break above $190 on multiple occasions, which ultimately proved to be futile and helped perpetuate its downwards momentum. Read More...