• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
Bitcoin
Advertisement

Ethereum “Crashes Heavily” Against BTC as Market Faces Strong Pullback

Cole Petersen by Cole Petersen
2 years ago
in Altcoin Price
0
Advertisement
  • Ethereum has been severely underperforming Bitcoin as of late, which has led the ETHBTC trading pair to see immense weakness
  • It is currently plunging lower as Bitcoin’s $13,800 rejection sends shockwaves throughout the market
  • Although it has reached its first key support zone, weakness seen by both BTC and ETH individually will likely drag it significantly lower in the near-term
  • This weakness can only be reverted if bulls step up and propel both the cryptocurrencies together in tandem
  • One analyst is expecting significantly further downside

Ethereum has been struggling to match the strong momentum seen by Bitcoin as of late, but it has been fully exposed to the weakness seen by Bitcoin throughout the past several hours.

Yesterday afternoon, BTC saw a push higher that sent it towards its 2019 highs of $13,800. This move was significant and led many investors to anticipate further upside, but bears rapidly catalyzed a rejection.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

This rejection sent the benchmark cryptocurrency down to its support at $13,200, creating shockwaves that have put serious pressure on Ethereum as well.

One analyst is now warning that further weakness could be imminent for ETH – especially against the cryptocurrency’s Bitcoin trading pair.

Ethereum Struggles as Selling Pressure Forces It Below $400 

Previously, Ethereum had been ardently trying to hold above its $400 support level as Bitcoin reclaimed its dominance over the market and saw an independent rally higher.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

BTC’s rejection, however, forced ETH below this key level.

At the time of writing, Ethereum is trading down roughly 4% at its current price of $390. This marks a significant pullback from its intra-rally highs of $420 set just a handful of days ago.

The crypto is also seeing weakness against its BTC pair, currently down over 1% at its current price of 0.029.

Analyst: ETHBTC Likely to Plunge Significantly Lower

While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that he expects it to continue underperforming Bitcoin.

He points to the 0.025 BTC region as its key support that it is likely to visit.

“Ethereum: Still crashing heavily, as expected. I’m looking to be buying this one in December/January and probably around the 0.025 area. But short term, a slight bounce can occur. The crucial breaker is the 0.0315 sats zone.”

Ethereum

Image Courtesy of Crypto Michaël. Source: ETHBTC on TradingView.

Unless something shifts this trend, like the release of Phase 0 of the ETH 2.0 upgrade, there’s a decent likelihood that Ethereum will continue seeing weakness in the short-term.

Featured image from Unsplash.
Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Dogecoin and Elon, SpaceX launch

Dogecoin Crashes Back To Earth While Elon Musk Plays With Rockets

2 years ago
The Flippening in nature

Could Dreams Of Ethereum Flippening Bitcoin Be “Officially Cancelled”?

2 years ago
Ethereum, undraw

Sentiment Flippening: Why This Bitcoin Expert Doesn’t Own Ethereum

2 years ago
Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance 

Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance 

2 years ago
Ethereum bull run

Ethereum And The Undeniable Signs Of A Bull Market

2 years ago
DeFi Total Value Locked. A safe.

Ethereum DeFi plus Binance Smart Chain Surpass $100 Billion In Total Value Locked

2 years ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Unbanked and Mastercard Team Up to Accelerate Crypto Card...

    27 mins ago
  • Binance Coin (BNB) Trading Volume Pumps By $7 Million While...

    9 hours ago
  • Polkadot (DOT) sees 5% Growth, why Cardano (ADA) and...

    11 hours ago
  • More than a trillion dollars moved in Litecoin (LTC)...

    11 hours ago
  • Moralis has revealed the integration of Web3 API with Aptos...

    12 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.