Ethereum has followed Bitcoin‘s trajectory and has registered a new 10% correction in the daily chart. The top cryptocurrencies have suffered for the past week. Fear and uncertainty seem to be driving market participants.
At the time of writing, ETH trades at $2,270 with red across all charts. The cryptocurrency was rejected after it briefly breached the $2,800 area. During yesterday’s trading session, the rejection was followed by a dropped in Bitcoin and ETH quickly follow.
ETH on a downtrend in the daily chart. Source: ETHUSD Tradingview
The cryptocurrency sits at critical support with the potential for more downside if the bulls can’t contain the bears around current price levels. Selling pressure is high. Data provided by analysis firm Jarvis Labs indicates around 18:00 UTC more than 177,900 ETH entered Binance exchange.
A large number of Bitcoin inflows was recorded as well. Approximately 4,500 BTC entered Binance around 10:00 UTC. For both cryptocurrencies, there were additional inflows in smaller