This Trend Channel Suggests Ethereum Could Dip to $500 Before Rallying Higher

Erc6acGXUAE0mEh 980x489

Ethereum has seen some brutal price action throughout the past few days and weeks, with the selling pressure seen in the $1,300 region proving to be quite intense It is important to note that Bitcoin has been creating massive headwinds for Ethereum as of late, with buyers being unable to guard against an intense decline One trader is now noting that where the market trends next will likely depend on whether bulls can defend $1,000 Another analyst is pointing to a massive ascending channel, noting that the pivot point that ETH may soon visit currently sits around $500 As such, this may be a level that bears target in the weeks and months to come, should this downtrend be more than just a short-term selloff Ethereum is plummeting lower today alongside Bitcoin and virtually all other cryptocurrencies. BTC’s inability to hold above $40,000 is behind this decline and has caused…

Read the original article here