Ethereum Briefly Shatters $1,000 Support as Market Downturn Intensifies

Ethereum Briefly Shatters $1,000 Support as Market Downturn Intensifies

January 11, 2021January 11, 2021

Ethereum

  • Ethereum has seen some intense volatility throughout the past few days, with buyers taking full control of its price action last week before it saw a massive selloff
  • This decline erased a week’s worth of gains and sent the cryptocurrency’s price tumbling down to lows of $900 that were set this morning
  • This came about in tandem with Bitcoin seeing some weakness as well, with the benchmark cryptocurrency
  • BTC has plunged towards $30,000, with sellers being in full control of its price action as the cryptocurrency fails to find any strong buy-side support
  • So long as BTC shows continued signs of weakness, it may create headwinds for Ethereum and other altcoins as well
  • One analyst is noting that ETH is holding above a crucial support level that may allow for it to
  • Ethereum has seen some intense volatility as of late, with sellers erasing its recent gains as they push it from highs of $1,400 to lows of $900 earlier this morning.

    It has since posted a strong rebound from these lows and is trying to flip $1,000 back to support, but it remains unclear as to whether or not this will hold strong as a support level and allow for it to see further expansion.

    One trader is noting that the recent dip led the cryptocurrency to a key support level. Holding this level in the days ahead may allow for significantly further upside.

    At the time of writing, Ethereum is trading down over 20% at its current price of $1,000. This is where it has been trading throughout the past few days, with the selling pressure seen above this level proving to be significant.

    Each attempt to flip $1,000 into support following its dip to lows of $900 has been met with intense selling pressure.

    If it can firmly hold above this level in the short-term, it could allow for it to see some serious upside in the days and weeks ahead.

    One trader explained in a recent tweet that ETH has been able to find some strong support at a key level, which could indicate that upside is imminent.

    “ETH kijun and 20 day sitting there like ‘how you doin?’” he said while pointing to the below chart.

    Image Courtesy of Ledger. Source: ETHUSD on TradingView.

    The coming few days should shine some light on Ethereum’s near-term outlook, as any intense Bitcoin volatility will likely have an impact on the price action seen by ETH and other altcoins as well.

    Source: bitcoin-core-news.com

    Author: by admin


    Ethereum Briefly Shatters $1,000 Support as Market Downturn Intensifies

    Ethereum Briefly Shatters $1,000 Support as Market Downturn Intensifies

  • Ethereum has seen some intense volatility throughout the past few days, with buyers taking full control of its price action last week before it saw a massive selloff
  • This decline erased a week’s worth of gains and sent the cryptocurrency’s price tumbling down to lows of $900 that were set this morning
  • This came about in tandem with Bitcoin seeing some weakness as well, with the benchmark cryptocurrency
  • BTC has plunged towards $30,000, with sellers being in full control of its price action as the cryptocurrency fails to find any strong buy-side support
  • So long as BTC shows continued signs of weakness, it may create headwinds for Ethereum and other altcoins as well
  • One analyst is noting that ETH is holding above a crucial support level that may allow for it to
  • Ethereum has seen some intense volatility as of late, with sellers erasing its recent gains as they push it from highs of $1,400 to lows of $900 earlier this morning.

    It has since posted a strong rebound from these lows and is trying to flip $1,000 back to support, but it remains unclear as to whether or not this will hold strong as a support level and allow for it to see further expansion.

    One trader is noting that the recent dip led the cryptocurrency to a key support level. Holding this level in the days ahead may allow for significantly further upside.

    At the time of writing, Ethereum is trading down over 20% at its current price of $1,000. This is where it has been trading throughout the past few days, with the selling pressure seen above this level proving to be significant.

    Each attempt to flip $1,000 into support following its dip to lows of $900 has been met with intense selling pressure.

    If it can firmly hold above this level in the short-term, it could allow for it to see some serious upside in the days and weeks ahead.

    One trader explained in a recent tweet that ETH has been able to find some strong support at a key level, which could indicate that upside is imminent.

    “ETH kijun and 20 day sitting there like ‘how you doin?’” he said while pointing to the below chart.

    Ethereum

    Image Courtesy of Ledger. Source: ETHUSD on TradingView.

    The coming few days should shine some light on Ethereum’s near-term outlook, as any intense Bitcoin volatility will likely have an impact on the price action seen by ETH and other altcoins as well.

    Source: www.captaingeek.net


    Ethereum Briefly Shatters $1,000 Support as Market Downturn Intensifies

    Ethereum Briefly Shatters $1,000 Support as Market Downturn Intensifies

  • Ethereum has seen some intense volatility throughout the past few days, with buyers taking full control of its price action last week before it saw a massive selloff
  • This decline erased a week’s worth of gains and sent the cryptocurrency’s price tumbling down to lows of $900 that were set this morning
  • This came about in tandem with Bitcoin seeing some weakness as well, with the benchmark cryptocurrency
  • BTC has plunged towards $30,000, with sellers being in full control of its price action as the cryptocurrency fails to find any strong buy-side support
  • So long as BTC shows continued signs of weakness, it may create headwinds for Ethereum and other altcoins as well
  • One analyst is noting that ETH is holding above a crucial support level that may allow for it to
  • Ethereum has seen some intense volatility as of late, with sellers erasing its recent gains as they push it from highs of $1,400 to lows of $900 earlier this morning.

    What cryptocurrency will become the main one in a year?
    BitcoinEthereum

    It has since posted a strong rebound from these lows and is trying to flip $1,000 back to support, but it remains unclear as to whether or not this will hold strong as a support level and allow for it to see further expansion.

    One trader is noting that the recent dip led the cryptocurrency to a key support level. Holding this level in the days ahead may allow for significantly further upside.

    At the time of writing, Ethereum is trading down over 20% at its current price of $1,000. This is where it has been trading throughout the past few days, with the selling pressure seen above this level proving to be significant.

    Each attempt to flip $1,000 into support following its dip to lows of $900 has been met with intense selling pressure.

    If it can firmly hold above this level in the short-term, it could allow for it to see some serious upside in the days and weeks ahead.

    One trader explained in a recent tweet that ETH has been able to find some strong support at a key level, which could indicate that upside is imminent.

    Ethereum

    The coming few days should shine some light on Ethereum’s near-term outlook, as any intense Bitcoin volatility will likely have an impact on the price action seen by ETH and other altcoins as well.

    This post was originally published on www.newsbtc.com

    Source: www.cryptoalphanews.com

    Author: cm_team


    As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning

    As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning

    Bitcoin, after surging non-stop for the last few weeks, has finally taken a breather.

    The bitcoin price has dropped around 15% in the last 24 hours, dragging down the wider cryptocurrency market and wiping billions of dollars from major tokens ethereum, Ripple’s XRP and litecoin. Bitcoin briefly fell to $32,300, down from over $42,000 just a couple of days ago, before somewhat rebounding.

    As the bitcoin and cryptocurrency market wobbles, the U.K. financial watchdog has issued a stark warning to people considering jumping onto the crypto bandwagon—they “should be prepared to lose all their money.”

    MORE FROM FORBESAs Bitcoin Smashes Through $40,000, Data Reveals What’s Behind The Huge 2021 Bitcoin Price BoomBy Billy Bambrough

    The bitcoin price has added almost 300% to its value in the last few months, taking the combined … [+] value of the world’s biggest cryptocurrencies, including ethereum, Ripple’s XRP, and litecoin, to over $1 trillion.

    “Investing in crypto-assets, or investments and lending linked to them, generally involves taking very high risks with investors’ money,” the U.K.’s Financial Conduct Authority said in a statement.

    “If consumers invest in these types of product, they should be prepared to lose all their money. As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in, the risks associated with investing, and any regulatory protections that apply.”

    Elsewhere, ethereum, the world’s second largest cryptocurrency after bitcoin, recorded a fresh all-time high last week, three years after its 2017 boom and subsequent bust.

    The rally saw the value of the bitcoin and cryptocurrency market cross $1 trillion for the first time.

    The bitcoin price was pushed above its 2017 high of $20,000 per bitcoin in December after London-based Ruffer Investment Management revealed a $745 million bitcoin bet. Massachusetts Mutual Life Insurance had announced it purchased $100 million in bitcoin for its general investment fund the week before.

    “Much has been made of the fact that Ruffer, an investment company known for its conservative investment style, recently invested in bitcoin for the first time,” Laith Khalaf, financial analyst at AJ Bell, said in emailed comments.

    “However, it’s important to note that the investment manager only invested around 2.5% of a portfolio that is otherwise invested in more traditional assets. Even if things go wrong in the cryptomarket, they have protection in their other investments.”

    MORE FROM FORBESElon Musk, The World’s Richest Man, Wants To Be Paid In BitcoinBy Billy Bambrough

    The bitcoin price has dropped some 14% over the last 24 hour trading period, knocking ethereum, … [+] Ripple’s XRP, litecoin and other major cryptocurrencies.

    Explaining the latest sell-off, analysts pointed to bitcoin’s “thin liquidity.”

    “Perhaps betraying it wares as a risk-asset itself, bitcoin and other cryptocurrencies are coming under selling pressure too today, as the upward momentum in prices begins to diminish, and even threaten to roll-over,” Kyle Rodda, market analyst at IG, said in emailed comments.

    “Bitcoin is always a victim of thin liquidity, so much like last week, the dip so far seen in the cryptocurrency could be quickly bought come this evening when trading conditions become a little healthier. Of course, after such an extraordinary rally in recent weeks, to historically overbought levels, bitcoin is arguably another asset overdue for a pullback.”

    Bitcoin’s 2020 boom was heralded by a number of high-profile investors naming bitcoin as an emerging inflation hedge, using to it protect against what they see as the damage being done to the stability of the dollar by unprecedented government spending and money-printing in the wake of the coronavirus pandemic.

    This support helped institutional investors and Wall Street giants soften their sceptical view of bitcoin and cryptocurrencies.

    Source: www.forbes.com

    Author: Billy Bambrough


    Ethereum Briefly Shatters $1,000 Support as Market Downturn Intensifies

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