Ethereum, much like Bitcoin and the rest of the crypto market, has seen significant buy-side pressure throughout the past couple of weeks that has allowed it to post some massive gains.
Its uptrend reached a boiling point last night when buyers sent its price rocketing up to highs of nearly $500 before it faced a massive influx of selling pressure that caused it to see one of the most intense price declines seen in ages.
This decline caused it to reel from $495 to lows of $440 on many trading platforms, marking an over 10% decline in a mere matter of minutes.
Where the cryptocurrency trends in the mid-term may depend largely on whether or not buyers can hold its price above $470, as the rebound from its lows has so far been a “V-shaped” recovery.
Any decline from here could invalidate the strength resulting from this pattern.
One trader offers a bullish outlook on the cryptocurrency, noting that