Ethereum Records A 6% Decline Despite The Expected Minor Correction

Ethereum tumbled down by six percent over the past 24 hours against the US dollar causing a minor wobble on the crypto market and in today’s ethereum news we will analyze what happened with the second largest cryptocurrency by market cap.

After the strong rally from December 28 when ETH price surged by 38 percent up to $162, it was expected that ethereum will start a minor correction. However, the popular crypto trader The Crypto Dog explained before that despite the positive sentiment of the asset, Ethereum will struggle to find a resistance level that will decrease the sell-pressure.

Ethereum did well against other major crypto assets when the entire market showed weakness in volume and it was particularly weak in trading activity. Even with the strong short-term performance, it will be difficult for this crypto asset to break out of the trend and to outperform the rest of the crypto market.

The Crypto Dog pointed out:

 “Maybe I’m just seeing what I want to see, but this chart is screaming to me ‘last chance to short ETH. 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.’’

Regardless of the fact that the crypto market has managed to add about $13 billion to its valuation, over the past two days the market seems to be showing signs of a short-term correction after about $5 billion were erased from the market.