Ethereum On a Bearish Path to $150 As Crypto Market Loses Over $6 Billion In Minutes
The last 48 hours have been dramatic for the market. The market bulls began by inspiring a rally, one which looked promising especially for altcoins. But, the bears proved to be strong as they stopped the move dead in its track.
Their entry into the market has now further seen the market backtrack and a couple of cryptocurrencies retest key support positions. Ethereum, which was enjoying moderate gains through the attempted surge, seems to have come out worse with the bears getting a tight grab at it.
The recent drop has seen the market wipe out more than $6 billion. At the time of press, the total market cap is a little below $171 billion. If the bearish momentum is to extend, the market will be hitting below $170 billion soon.
Ethereum (ETH) Drops By 5%
At the time of press, Ethereum is struggling to stay above the $155 position after a drop of around 5%. This is significant as it sees Ethereum retest key support positions it has avoided in the last couple of weeks and with it comes the risk of a sell-off as investors continue to exit altcoins.
Earlier in the week, Ethereum was at the grasp of hitting $180, as it tested the $176 position. Through a steady downward trend through the week, Ethereum had dropped to around $165. Now, if the downward trend persists, the coin is staring at a position below $150. This is one of its more damaging positions and one that the bulls will fight to keep prices away from.
Bitcoin (BTC) Also At The Receiving End Of The Blow
Bitcoin has also been touched by the correction massively. Though Bitcoin was only recording marginal gains during the attempted rally, the correction has hit it hard. The coin quickly dropped from a high of $5,450 to retest a support position of just above $5,100.
Fortunately, this high support position allowed the bulls to pull prices a little higher and at the time of press, Bitcoin is trading for a little under $5,300. This is a more than 3% drop in the last 24 hours.