In last 24 hours the cryptocurrency market has shaken up, and Ethereum recorded a six percent decline against the U.S. dollar.
The second most valuable cryptocurrency in the global market Ethereum price fallen down with a minor correction. The market demonstrated a strong 11-day rally from December 28, during which it surged by 38 percent from $117 to $162.
A short-term price drop in the Ethereum price, a cryptocurrency trader with an online alias “The Crypto Dog” said that despite the positive price movement of the asset, the struggle to close above a key resistance level can leave the asset vulnerable to shorts and increasing sell-pressure.
Ethereum performed relatively well against most major crypto assets throughout the past week even at times when the cryptocurrency market demonstrated weakness in volume and overall trading activity.
In the past two days, the cryptocurrency market has started to show early signs of a short-term correction, as over $5 billion were deleted from the market. Since January 2, the cryptocurrency market has added about $13 billion to its valuation as it recovered from $125 billion to $138 billion.
The trader said: It makes sense to see some bounce here, given this level on the ratio, so I hesitate to say this is a great entry and of course, I’m just thinking out loud, not trying to urge anyone to FOMO into a trade. I shorted ETH at $156 and sitting relatively comfy here.
May be I’m just seeing what I want to see, but this chart is screaming to me last chance to short ETH, said the trader prior to the drop in the price of ETH.
Many tokens in the likes of Wanchain, Waltonchain, Ontology, Waves, and Chainlink have lost around five to nine percent of their value on the day, struggling to demonstrate any momentum.