High volatility pushes ETH/USD nearly 13% to lows of $330

By Aubrey Swanson·22 September 2020·1 min read

Key Points

Bitcoin holds steady at $10,000.
Ethereum traders are defending the $330 region, but sellers keep pressing down.
In the past 24 hours, Ethereum lost 13% from Monday's open.

Bitcoin holds steady at $10,000. Ethereum traders are defending the $330 region, but sellers keep pressing down. In the past 24 hours, Ethereum lost 13% from Monday's open. Across the last two days, losses hit 17%. The price bounced off support, though $300 marks the next meaningful floor. Break that and $250 becomes the next target.

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The altcoin weakness parallels Bitcoin's decline. The stock market's slide since Black Thursday compounds the pressure—Santiment found that Ethereum, Bitcoin, and traditional assets are now moving together at correlation levels not seen before. Buyers meet heavy resistance above $380.

According to IntoTheBlock's IOMAP metric, the $380 region contains 1.41 million addresses with over 14 million Ethereum tokens. Trader Michael Van de Poppe had flagged $385 as resistance before Monday's selloff. He warned that if range-bound trading turns bearish, prices could fall to $280 or $250.

If Ethereum can't clear $356, bears will push lower. Support sits at $321, with $300 as the psychological threshold. Below $270, another support zone sits at $290, where 1.01 million addresses purchased 2.52 million tokens. Those positions are in the money and likely to provide solid resistance to further selling.

Monday evening in Asia, Ethereum was trading near $340, down 7% from the previous day.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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