Ethereum Dives Towards $200 as Sentiment Surrounding ETH Grows Negative
Bitcoin’s recent ascent has proven to be a negative thing for the aggregated crypto markets, as it has led most altcoins – including major ones like Ethereum (ETH) – to plummet as continues to garner greater dominance over the markets.
Now, analysts are noting that Ethereum could still see some bullish price action in the near-future, which comes as the sentiment surrounding the cryptocurrency is becoming incredibly bearish.
Ethereum Plummets Towards $200 as Selling Pressure Ramps Up
At the time of writing, is trading down nearly 3% at its current price of $204, which is down significantly from its daily highs of nearly $215.
Over a one-week period, ETH is trading down significantly from its highs of $240 and is currently trading just a hair above its seven-day lows of $200 that were set earlier today.
This bearish price action simply marks an extension of the sell-off that first began in early-July when the cryptocurrency was trading over $300, which was closely followed by a sharp pullback that has led it to its current price levels.