Ethereum ETHUSD Pressure Persist on PlusToken Scandal
Ethereum selling pressure continues today after a sharp rebound yesterday from $116 up to $135. Most of yesterday’s sharp move attributed to short sellers that run to close their short positions. Rumours today circulating around trading desks that the PlusToken scam is willing to sell $100 million worth of ETH intensify the selling pressure. As of writing ETHUSD is 4.78% lower at 126.65.
Ethereum market capitalization now stands at 13.87 billion with the trading volume above the daily average, reaching 11.65 billion. The capitalization of the top 100 cryptocurrencies is currently at 189.73 billion.
ETHUSD added yesterday over 18 dollars and the rebound even broke above the previous session highs at $133. The trading session is crucial today. If ETHUSD manages to break above yesterday high it will be a bullish signal.
The crypto pair started higher today but the sellers stepped in and pushed the price in negative territory. ETHUSD breached the support at $132 and the sell-off accelerated. Now the next support stands at $125.60 the daily low. A move below that level will open the way for a move down to yesterday’s session low at $116.00. If bears manage to break that level then the next target to the downside might be the 2019 low at $98.00
The ethereum technical outlook is clearly bearish now and the attention shifted to lower levels.
Any upside moves would meet stiff resistance as the momentum is negative. Ethereum immediate resistance stands at 134.10 the daily high. More selling pressure will be met at $142.00 the high from December 16th. A break above will restore some confidence in ETHUSD pair. Bulls will gain the control above that level and a move up to $157.00 the high from November 29th can’t be ruled out.