ETH/USD has experienced a strong selloff, and the broad cryptocurrency market is challenging important support levels across the spectrum.
Yesterday’s early trading took ETH/USD above the 1900.00 mark, but it was not able to sustain higher momentum and began to show signs of erosion rather dramatically towards the end of the day. Early trading this morning has seen Ethereum andtumble. The bearish trend in digital assets has seemingly decided to challenge crucial support levels today.
Technically there are also indications that selling volume increased significantly when short term resistance levels were not seriously tested, which suggests some speculators who had been holding on decided to get out of the market. ETH/USD is now within vicinity which it is traversing prices not seen since February of 2021. The long term bearish trend has been able to muster some buying when the 1700.00 price level has appeared ready to be broken in May and in early June, but gut instinct among speculators may believe ETH/USD could be ready to explore lower depths of value.
If market conditions in cryptocurrencies remains negative and buyers disappear due to a lack of confidence, ETH/USD and other digital assets could falter to cheaper prices near term
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