RATE Group | After Flash-Crashing to $191, Analysts Expect Ethereum to Continue Dropping
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After Flash-Crashing to $191, Analysts Expect Ethereum to Continue Dropping

14 Jul After Flash-Crashing to $191, Analysts Expect Ethereum to Continue Dropping

Posted at 23:12h in Ethereum News by

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The aggregated crypto markets are currently bathing in a sea of red after Bitcoin failed to find support in the $11,000 region and plummeted nearly 10% towards $10,000. This drop led most major altcoins, including Ethereum (ETH), to reel lower today, with many cryptocurrencies trading down over 10%.

Additionally, the recent plunge did lead Ethereum to flash-crash to $191 on Bitstamp, and analysts do believe that ETH will continue dropping lower in the near-future.

Ethereum Plunges 12% as Selling Pressure Ramps Up

At the time of writing, Ethereum is trading down over 11% at its current price of $239.9, which is down significantly from its daily highs of $270.

This downwards pressure marks a significant extension of the selling pressure that ETH first incurred in late-June when it rapidly surged to $350 before incurring a sudden influx of selling pressure that sent it reeling down to roughly $280.

In the time since, Ethereum has been facing a bout of choppy trading that has ultimately…

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