Cryptocurrency prices today continued to decline with Bitcoin falling below the $35,000 level. The world’s largest and most popular cryptocurrency was trading more than a percent lower at $35,940. The global crypto market’s value today slipped over 8% in the past 24 hours to $1.76 trillion.
Amid volatility and fear in the market, Ethereum price and major altcoins continue to bleed on Saturday. The second-largest cryptocurrency followed the footprint of Bitcoin in a major downward trend on Friday as investors remain fearful.
Ethereum price also started a major decline from the $2,950 resistance and tested $2,700 before recovering. It is now consolidating near the $2,750 level and might face resistance near the $2,800 level.
Ethereum Shows Signs of bottoming out
Santiment, an on-chain data source, recently tweeted that the amount of ETH transfers, while participant addresses were losing money, outnumbered those when wallets were profitable by nearly 3.4 times. Over the last 3.5 years, this ratio has increased the most (since mid-November 2018). The Santiment team feels that this is a hint that Ethereum is nearing its bottom.
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Source: https://coinpedia.org/ethereum/ethereum-price-show-signs-of-bullish-reversal-fake-out-or-actual-bounce-whats-next/