Ethereum has seen some intense selling pressure throughout the past day, which has struck a blow to the technical strength that was brought about by the buying pressure seen yesterday.
This decline has made it grow increasingly unclear as to where the crypto may trend in the near-term, but it does seem as though it may be positioned to see significantly further downside in the near-term.
One analyst, while speaking about this recent decline, noted that it appears to have been sparked by a so-called “whale” who had been previously walking up the cryptocurrency’s price by spoofing buy orders.
The analyst notes that this whale “pulled the rug” on ETH, sparking today’s decline. As such, it may continue seeing heightened weakness in the near-term, as it has now broken below a key support level.
Unless this level is recaptured, there’s a strong likelihood that the cryptocurrency continues plunging lower in the near-term.
Ethereum Sees Sharp Decline as Market-Wide Weakness