Ethereum (ETH) – along with most major cryptocurrencies – has been facing significant selling pressure in recent times and has failed to regain its previous support level of $185, despite Bitcoin expressing some hints of bullishness.
New data suggests that Ethereum’s investors have a significantly higher turnover rate than Bitcoin’s investors, which may signal that any prolonged downwards trend in the aggregated crypto market will prove to be dire for ETH, as its holders may be more prone to jump ship than Bitcoin’s investors are.
Ethereum Bounces from Daily Lows, But Downtrend May Just be Getting Started
At the time of writing, Ethereum is trading down over 1% at its current price of $174.3, which marks a slight drop from its daily highs of $177 that were set yesterday.
It is important to note that ETH did bounce yesterday evening after dipping to lows of $168, signaling that this price could be a strong region of support for the cryptocurrency.