Recently, Ethereum has been deliberately following Bitcoin‘s price activity, which generally shows a selling sentiment.
Both BTC and ETH are currently exchanging at critical support levels, and any more shortcomings in the short term could lead to huge capitulation selling, which could lead to a drop in the cryptocurrency.
Analyzing Ethereum, experts note that the basic level of support is $140 and that a break below this level is leading to a fall in ETH by more than 30% and focus may be on the price level of $100.
At the hour of composing, Ethereum depreciates by 4% at its present value of $123, which means a slim drop from the daily top of $132 recorded as at yesterday’s trading activity.
ETH has set a fantastically narrow range of exchanging in recent days and weeks, which initially started after the digital currency recorded a huge drop to lows of $120 at the end of November.
In recent weeks, this trading range has been limited somewhere in the range of $140 to $150, with crypto detecting support at the lower limit and barriers at the upper limit.
The price of Ether is likely to fight for a long time. Anyway, if the advanced money can overcome its barrier levels, it may have the opportunity to consolidate its price – if not, the cryptocurrency may plunge below the price level of $100. Read More...