Top cryptocurrencies like Bitcoin and Ethereum may still be up by over 100% from the March lows, but it’s been a rocky past week for this nascent market.
Prices haven’t crashed per se, but cryptocurrencies have begun to print technical signs on their charts indicating that more downside is likely. One analyst recently remarked that since Ethereum closed below a key support level, it is somewhat vulnerable to a “larger correction” that the approximately 15% drop from the highs already seen.
Ethereum Prepares for Technical Breakdown
According to a prominent crypto trader, yesterday Ethereum lost a key level of support that has held four separate times over the past three weeks, adding to the chances that a “larger correction” is coming.
Chart of Ethereum’s recent price action from Credible Crypto (@CredibleCrypto on Twitter). The chart shows that the leading cryptocurrency recently lost a level of support that has held four separate times over the past three weeks, not boding well for the bull case.
Adding to the loss of a support level, multiple analysts expect all altcoins to underperform Bitcoin.
Per previous reports from
