The Ethereum price has been extremely weak for the past few days now, breaking through multiple support regions and crashing consistently for the past 2 days after it failed to break through a weekly key resistance we pointed out in a previous Ethereum analysis titled “Using Ethereum To Predict The Next Massive Move On Bitcoin!“.
This ETH/BTC crash has led to a massive 32% dump in the Ethereum coin value from the previous price highs of 0.040558 to a low of 0.032705 with sellers still driving the Ethereum price even lower.
However, this sell-off doesn’t seem to be slowing down as various indicators are still pointing to increasing selling activities in the Ethereum market.
If this selling pressure continues, then there is a very high probability that we might see the Altcoin price crash to the 0.028419 key support region or even break below it in a few days.
Increasing Bearish Volume
One of the technical indicators supporting this bearish bias on the ETH/BTC pair is the volume indicator. Since the Ethereum price crash started, we have seen the bearish volume steadily increasing with more and more long positions getting liquidated.
As far as this bearish volume continues to increase, we can expect to see the Ethereum price continue to trend lower.
This steep decline is also affecting the whole De-Fi market. As they are all linked to the ETH blockchain, this crash in the ETH/BTC price is dragging all the coins in the market down with it.
For a list of the top best Altcoins and De-Fi project to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
Can The 0.028419 Support Stop The Ethereum Price Crash?
Some of the biggest questions Ethereum traders are asking right now is “How far can the cryptocurrency crash” and “Can the 0.028419 support hold the price and stop the crash?”
The 0.028419 price region as served as both a strong support and resistance region in the past. This makes the 0.028419 price region a key level to watch for the Ethereum price to get to, reject, and bounce off of in the coming days.
But for this support to hold the Ethereum price up, we must begin to see the ETH/BTC crash loose steam and grow weak.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.