Ethereum Faces Key Support Test Amid Market Volatility
- Ethereum’s price plunged over 30% in less than 24 hours due to U.S. trade war fears.
- The market rebounded after negotiations with Canada and Mexico were announced.
- Ethereum remains weaker than other altcoins, trading at historically low levels relative to Bitcoin.
- Carl Runefelt highlighted Ethereum’s key horizontal support level on the ETHBTC chart around 0.028.
- Over $8 billion was liquidated from the market, with Ethereum being one of the hardest-hit assets.
Despite a brief recovery, Ethereum continues to underperform compared to other altcoins, maintaining a crucial support level that could determine its future trend direction. Analysts are closely monitoring this situation for potential recovery signals.
Source (2.6)https://www.newsbtc.com/news/ethereum/ethereum-is-testing-key-support-on-the-eth-btc-chart-a-parabolic-move-could-be-next/?rand=52377
