Ethereum price seen some notable losses that have sent it down to the lower boundary of its trading range
Ethereum price has seen some noteworthy losses have sent it down to the lower boundary of its trading range. Cryptocurrencies are currently flashing some signs of weakness. This stems from the lack of power that both Bitcoin and most other major cryptocurrencies see. Analysts are now noticing that $ 225 is an important level for ETH.
If the Ethereum price breaks below $ 225, it will put an end to the ongoing attack
Ethereum and the cryptocurrency market are currently reeling lower along with Bitcoin. At press time, Ethereum is trading down 3% at its current price of $ 232. This is just above the lower boundary of its long-term trading range at $ 230, and this level will likely close. The role is to support soon.
The decline today has caused Ethereum to reel back from its daily highs above $ 240, and it looks like cryptocurrencies are at risk of seeing the further downside.
According to analyst Smokey, the important level to watch shortly is $ 225. It seems that this is said to be the most significant level in ETH history and can change the entire market.
“Only reason I’m not super-duper bearish rn is Bitcoin still being inside the range and ETH looking like this. The highest level in ETH history (arguably) is around 225 $.”
Only reason I’m not super duper bearish rn is Bitcoin still being inside the range and ETH looking like this.
Biggest level in ETH history (arguably) is around 225$ pic.twitter.com/89ONa8F7Vb
— Smokey (@TraderSmokey) July 16, 2020
Ethereum’s reaction to this level could eventually hold influence across the entire cryptocurrency market.
Another analyst noted in a later tweet that a daily close below this would cause problems for altcoins. He said that would lead to an indefinite delay of ten years for other issues – that is the end of the fierce protests of many smaller digital assets.
“ETH HTF View: If we fall back below 225 on a closing basis, then Altseason continuation delayed indefinitely.”
If Ethereum breaks below the $ 230 support level and reaches this level, its response to it could set off the sound for the entire market trend in the coming days and weeks.
You can also check Ethereum Price here.
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