Why One Analyst Claims This Latest Ethereum Selloff is an Ideal Buying Opportunity

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Ethereum and the entire crypto market saw a sharp downturn, with Bitcoin plunging by over 10% while ETH declined towards $500 This selling pressure has been quite intense and may continue hampering the cryptocurrency in the near-term Where it trends in the near-term will depend largely on whether or not bulls can stop it from breaking below $500 A decline beneath this level would strike a serious blow to the cryptocurrency’s technical outlook The coming few days and weeks will likely determine the fate of the crypto market for the months and even years to come Ethereum is in the process of reeling to its key $500 support level, with the selling pressure seen at its $620 highs recently proving to be quite intense. The rejection here certainly sparked this movement, but it was primarily perpetuated by recent comments from the U.S. Treasury Secretary regarding potentially imminent regulations on the…

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