Ethereum on the Brink of a Major Selloff as It Nears Critical Support Level

Bitcoin saw a notable selloff this morning that sent it reeling below its key support at $10,000, which instantly led major altcoins like Ethereum to similarly see major pullbacks.

In the case of ETH, this selloff has sent it down to a key near-term support level, and if this breaks, analysts are noting that the cryptocurrency could see a massive decline that erases much of its recent parabolic gains.

It is also important to note that there were signs that this type of drop was bound to occur, as the crypto’s RSI was significantly overextended yesterday.

Ethereum Plummets Below $270 as Analysts Eye Further Downside 

At the time of writing, Ethereum is trading down just under 5% at its current price of $268, which marks a notable decline from daily highs of $290 that were set yesterday when the cryptocurrency’s bulls attempted to spark a movement to $300.

It is important to keep in mind that today’s drop only erased one day of gains, and the cryptocurrency still remains in…