Wednesday was a bloody day for cryptocurrency markets, as many digital assets suffered significant intraday losses. ETH was no exception, as it fell by 10%.
The ETH bulls should go ahead
The recent decline came amid a massive influx of pressure from sellers in today’s sessions, which led to the cryptocurrency showing clear signs of weakness as its upward momentum began to falter.
In the near term, ETH / USD is likely to confirm an extremely bearish pattern that could lead to its sharp fall. If the current downward momentum pushes the altcoin below the $ 380 support level, it could be poised for huge losses in the coming days.
Bulls still control Ethereum despite its recent erratic price movement, and many traders expect the cryptocurrency to see a surge due to decentralized financing (DeFi).
However, crypto trader and analyst Josh Olshevich pointed out that if ETH falls below this level, a pullback to $ 320 will be inevitable.
Thus, the bulls should step up and slow down the fall of Ethereum in the upcoming sessions to avoid significant losses.Ethereum is currently trading at $ 382.7.