Ethereum price appears to have been sparked by whale who had been previously pump the price by spoofing buy orders
Ethereum price has seen some intense selling pressure throughout the day, which dealt a blow to the technical strength created by yesterday’s buying pressure. This decline has made it increasingly unclear about ETH’s short-term trend. However, it looks like ETH could be positioned to see even more significant declines in the short term.
Ethereum price shows a serious drop as market-wide weakness coalesces
At press time, Ethereum is trading down more than 5% at its current price of $ 367. This marks a noticeable drop from its $ 390 daily high that was mined yesterday at the top of the uptrend.
This increase comes in tandem with BTC pushing to as high as $ 10,600, the price around the price where it found some significant selling pressure that slowed its rally.
Analysts are currently noting that the short-term direction of the entire market may depend largely on BTC’s response to $ 10,200, where it has established some strong support in recent weeks.
If the benchmark cryptocurrency breaks below this level, it could generate the right headwinds to unleash Ethereum’s recent power further.
While talking about Ethereum’s recent uptrend, analyst Chase NL observed that ETH was mostly driven by fake orders from a single whale on Bitfinex.
That being said, his removal of these bids is what may have sparked today’s downtrend. It also helped lead the cryptocurrency below a key support level within the $ 360 region that was previously strong support.
How Ethereum trends over the next few days could depend mainly on its continued response to the level of support, it is finding at $ 350 and whether it can pull back $ 360 in the meantime next time or not. Let’s wait and see!
You can see the ETH price here.