Ethereum Touches Freshly Formed Resistance Level as Analysts Eye Further Downside

Ethereum’s price action has been closely mirroring that of Bitcoin’s in recent times, which has made it prone to seeing heightened levels of selling pressure in spite of ETH’s multiple recent attempts to break above its long-established resistance level at $190.

This selling pressure has sent ETH down to the lower-$180 region while also causing it to form some fresh resistance levels directly above its current price, which could send it reeling lower in the near-term.

Ethereum Finds Support Around $180 as Bitcoin Begins Consolidating 

At the time of writing, Ethereum is trading up over 2% at its current price of $183, which marks a slight climb from its recent lows of under $180 that were set yesterday.

Ethereum’s ability to post a strong and swift bound after its brief drop below $180 signals that this is a strong short-term support level that will likely continue to hold so long as Bitcoin doesn’t incur any significant selling pressure in the near-term.

Ethereum’s price action has been strikingly similar to Bitcoin’s over the past couple of days, and BTC is currently consolidating around $8,500, which appears to be its current support level that bulls are attempting to defend.

Ethereum’s ability to stabilize within the lower-$180 region comes as it faces increasing on-chain volume, which surged over 30% in the past 24-hours.

“24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%),” TokenAnalyst, a popular analytics group, explained in a recent tweet.

Near-Term Resistance Likely to Catalyze Further ETH Losses

HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Ethereum…

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