RATE Group | Will ICOs Continue to Drag ETH Down?
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Will ICOs Continue to Drag ETH Down?

20 Nov Will ICOs Continue to Drag ETH Down?

Posted at 02:45h in Ethereum News by

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Bears hit the cryptocurrency market today, and Ethereum was among the most severe casualties.

The world’s third largest cryptocurrency erased as much as $2.25 billion from its market cap. Meanwhile, its value plunged 12 percent from an intraday high at $177 to $155.60 – its new intraday low – within a few hours, according to aggregated data available at CoinMarketCap.com. Aayush Jindal, a crypto market analyst at NewsBTC, predicted further declines in the Ether-to-dollar market, citing a critical bearish trendline that is capping every upside attempt of the digital currency.

SOURCE: COINMARKETCAP.COM

“There is a key connecting bearish trend line formed with resistance at $178 on the hourly chart of ETH/USD,” he forecasted.

ICOs Likely to Intensify Selling Action

A report coming at the behest of Diar, a daily crypto newsletter, also found strong bearish catalysts that point to an extended selling action in the Ethereum market. The study based its bearish prediction on the…

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