ETH plummets 6% after the benchmark cryptocurrency dropped more than $500 in just a few hours so we are about to read further in the ethereum today news.
Across all of the major crypto exchanges such as Binance, Coinbase, and BitMEX, the price of Ethereum dropped below from $173 to $163 recording a huge drop following the daily close. The major pullback of the altcoin is mainly because of the minor drop of Bitcoin which was seemingly demonstrating signs of a trend that is a reversal to the upside as it surged past $8,300. The daily trading volume of both Ethereum and Bitcoin is hovering around yearly lows on BitMEX which is known to have been a major influencer on the price trend of the entire crypto market due to the futures contracts.
Usually, when Bitcoin shows a sideways movement during a prolonged period, the Ethereum price tends to show a spike in volatility. Throughout this month, the price of Bitcoin remained relatively stable in the range between ,800 to ,300 thus creating an ideal environment for Ethereum and some other major cryptocurrencies in general just to see higher volatility.
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This is why ETH plummets down below and the price also shows signs of a breakout to the upside as the low volume intensified the downward movement leaving the asset vulnerable to a short-term pullback.
As previously reported, the technical analysts said that the Ethereum price is likely to correct all the way down to $150 if the bitcoin price makes its way to the low $7,000 region. Based on the current trends on the market in general, the market lost $50 billion in market capitalization since September and both assets are now forecasted to see an increase in selling pressure. The crypto trader Josh Rager stated:
“As you can see with not only Bollinger bands but also historical volatility (HV) that a major move is brewing With a slow sideways market, we’ll see descending HV that indicates a strong reaction in price action ahead and rise in volatility.”
Many of the traders started anticipating the volatility of bitcoin as a result of an upside movement but BTC showed rejection at a low resistance level and the traders have started expecting a deeper pullback.
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