The largest altokine air (ETH) failed to overcome resistance at $355 and fell by about 5%. It appears that the negative trend will dominate at least for the next 24 hours.
The coin began to suffer losses after the Bitcoin Rejoin retreated to $10,600. ETH’s strong dependence on the leading cryptovalluta has been revealed.
The rollback accelerated after the air dropped below $352. On Wednesday 7 October, Altoin traded at $341 and its market capitalisation fell to $38.568 billion.
At the end of last week, the airwaves reached $366 after the bitcoin price exceeded $10,900. However, as early as 2 October, ETH fell to $337. A small climb resumed on 4 October, but it was no longer possible to break through the resistance around $355.
If the negative ether dynamics continue, the next level of support is expected to be around $335. If the coin tries to take revenge and go on the offensive, it will have to break through key resistance around $342-343, analysts say. However, at the moment there is very little chance of the coin resuming growth, and it is likely that the pullback will continue.
Researchers from the Santiment team last Sunday presented data on the decline in interest in the air by social media users.
Experts estimate that the number of posts mentioning altokoin on social networks has approached the six-month minimum. Usually, this trend signals a short-term drop in the value of cryptographic currency, after which the auction returns to the green zone.