Ethereum has crashed in the last few hours with Bitcoin, and nearly all other major Altcoins and under the 200 Dollar mark like.Traders seem to believe that this decline will be short-lived, as the number of Long positions increased to Bitfinex in the course of the fall actually.A Top Trader anticipates that the crypto-currency will fall in the coming days and weeks, considerably more.
Ethereum has experienced in the last 12 hours, some of the turbulent price movements. After a long Phase of struggle ETH is like now in the basement – it is exposed to the weakness of the Benchmark Kryptos full.
It looks as if this decline will be short-lived, because of the strong opposition made by ETH in the High-time-frame resistance, open the gates for a medium-term downward trend.
If the crypto currency is losing the support, on which they are currently traded, could ETH drop experience a major drop, forcing the Coin, the recent gains.
Traders don’t seem to be too worried, since data show that the number of Long positions has increased in the crypto-trading platform Bitfinex during the break-in overnight even.
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Ethereum performs worse than Bitcoin
At the time of writing, Ethereum will be traded at a price of 189 USD, which means a remarkable decrease compared to the daily maximum levels of more than 215 USD were just before the sharp selloff has been set.
Prior to this, yesterday’s price decline, ETH had cut off in comparison to Bitcoin and many other Altcoins below average and struggled to gain any momentum.
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This led to a serious weakness in relation to Bitcoin, and it seems that this weakness will abate in the foreseeable future, since ETH is at the moment against BTC 1% decline.
An interesting Trend, which you should be aware of is that Margin traders are expecting a quick recovery in the competitive crypto-currency. One Analyst commented:
“These enormous amounts of ETH-long positions on Bitfinex… they increased during this dumping actually.”
The rejection opens the door for serious losses
The serious Underperformance of Ethereum against Bitcoin and other crypto-currencies seems to be the result of a recent rejection in the $210-220 Region.
A prominent pseudonymous Trader writes about it in a Tweet and stated that the ETH was yesterday rejected, at this level, before the Coin in the 180 Dollar Region found support.
“ETH-Update: As I thought, were ETHUSD Shorts for sure. BTC has taken the highs out and a lot of bears dreams shattered, ETH never did that and still broke up. Today will be interesting, ETHUSD has taken the support of technically, let’s see if it can close above it.“
If you look at the chart, it seems that the next major support for the crypto-currency is about $ 150.
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