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 Mounts
At the time of writing, Ethereum is trading down over 8% at its current price of $357. This marks a notable decline from its daily highs of $390 that were tapped yesterday at the peak of the uptrend.
This upswing came about in tandem with BTC’s push to highs of $10,600, which is around the price at which it found some significant selling pressure that slowed its ascent.
Analysts are now noting that the entire market’s near-term directionality may depend largely on BTC’s reaction to $10,200, which is where it has established some strong support in recent weeks.
If the benchmark cryptocurrency does break below this level, it could create tailwinds that further unwind Ethereum’s recent strength.
ETH Whale Unwinds Uptrend Following Spoof Orders
That being said, his removal of these bids is…