After incurring some massive upwards momentum over the past several days and weeks, Ethereum has now faced a significant influx of selling pressure that has sent its price reeling to lows of roughly $190, and without any major change within the aggregated crypto markets, it is highly likely that ETH will continue facing significant downwards pressure.<\/p>\n
Ethereum\u2019s downwards pressure has come as a surprise to the crypto industry, as its recent upwards momentum previously appeared to be emblematic of a long-term trend shift that would extend significantly further.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down nearly 9% at its current price<\/a> of $191.78, which marks an incredibly steep retrace from its daily highs of $210.<\/p>\n Over a one-week period, ETH is trading down even more significantly, as it has plummeted from highs of over $220, which is where it found insurmountable resistance that sparked the current downtrend that it is currently within.<\/p>\n Furthermore, this downtrend has been perpetuated by Bitcoin\u2019s downturn<\/a>, as it lost its foothold within the lower-$10,000 region and is now nearing its critical long-term support level that exists in the lower-$9,000 region.<\/p>\n NebraskanGooner, a popular crypto analyst on Twitter, spoke about Ethereum in a recent tweet, explaining that its downtrend first began when it faced a rejection at $223, which is what opened the gates for a movement to $190.<\/p>\n \u201c#Ethereum\u2026 nailed it with the dead cat bounce signal and 1.337 fib rejection at around $223. $190 target just hit,\u201d he noted.<\/p><\/blockquote>\n #Ethereum<\/a><\/p>\n Too Goon X nailed it with the dead cat bouncr signal and 1.337 fib rejection at around $223.<\/p>\n $190 target just hit. \ud83c\udfaf https:\/\/t.co\/YAYxS9qmUw<\/a><\/p>\n — Nebraskangooner (@Nebraskangooner) September 24, 2019<\/a><\/p><\/blockquote>\n\n