As we stated in our blog post yesterday, once Ethereum (ETH) broke the levels of $ 100, it will go all the way up to $ 91. However, it has ended up breaking that support as well. Currently, Ethereum (ETH) is trading around $ 85. The question is where the next support for Ethereum (ETH) is.
Is Ethereum (ETH) headed for $ 77?
When you look at the intraday performance of Ethereum (ETH), it is down by over 17%. Among the mainstream cryptocurrencies, it has lost the maximum amount of value. This is the reason why it seems like the downturn will not be halted anytime soon. If it continues to fall at the same pace, it will be very difficult for Ethereum (ETH) to take support at around $ 77 as well. If it breaks the level of $ 75, it can head even lower. This is what many of the Ethereum (ETH) holders fear as well. It remains to be seen whether it is able to sustain above the support of $ 75 or not.
With the mainstream cryptocurrencies falling by such a significant amount, the traders, as well as investors, can just imagine what kind of downward pressure most of the Altcoins will be facing. Most of them have lost a similar quantum of value as compared to Ethereum (ETH). This is the reason why many of the investors are stuck in cryptocurrencies and Altcoins at a much higher level.