Ethereum (ETH) was consolidating on the daily chart after a nice bull run, however, the bears were able to take over today when the largest altcoin crashed over 18% in under an hour.
The move mirrored Bitcoin’s collapse after House Speaker Nancy Pelosi announced a formal impeachment inquiry earlier today, and most altcoins have followed suit. Ethereum is now in a daily downtrend again and the bulls are looking for a bounce off the oversold RSI.
The next important support for ETH lies at $146 now and the bulls really need to hold this level as there is a lack of support below that until around $120. Ethereum is currently down 15.8% on the day to $168.91, giving the coin an $18.2 billion market cap.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.