RATE Group | Ethereum’s Rejection Could Spark a Massive Selloff; What Factors Should We Consider?
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Ethereum’s Rejection Could Spark a Massive Selloff; What Factors Should We Consider?

09 Jan Ethereum’s Rejection Could Spark a Massive Selloff; What Factors Should We Consider?

Posted at 01:52h in Ethereum News by

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Ethereum’s recent uptrend reached a boiling point yesterday when the cryptocurrency rallied to highs of $148, which is the level at which ETH met significant selling pressure that led to a strong and swift rejection.

The strong rejection at this level has put ETH into a downwards tailspin, even forcing it to lose its position within the $140 region.

Analysts are now noting that this rejection came about after the cryptocurrency hit a key resistance level, which may lead it to drop to the lower boundary of its current descending channel, potentially leading it as low as $85 in the near-term.

Ethereum Shows Signs of Reversing Recent Uptrend 

At the time of writing, Ethereum is trading down roughly 3% at its current price of $139, which marks a notable decline from its daily highs of $148 that were set at the peak of yesterday’s rally.

It is important to note that Ethereum is still trading up significantly from weekly lows of $126, although its recent uptrend uppers to be at risk of…

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