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<\/a> The cryptocurrency market experienced a notable event on August 17th, marked by a sell-off in the leading digital currency, Bitcoin. This sell-off was prompted by SpaceX\u2019s decision to divest its Bitcoin holdings<\/a>, amplifying selling pressure across the crypto space. Consequently, Ethereum, another prominent cryptocurrency, saw a substantial outflow, leading to a significant breach of a longstanding support trendline. The breach of this support suggests that the ETH price<\/a> could be poised for an extended correction phase.<\/span><\/p>\n <\/p>\n Also Read: Ethereum Market Undervaluation Could Confirm Major Bullish Move<\/a><\/p>\n Over the past nine months, the second largest cryptocurrency Ethereum experienced a study uptrend using a parallel channel pattern<\/a>. During this period, the lower trendline bolstered buyers to accumulate at price dips.<\/span><\/p>\n However, on August 17th, the Ethereum price dropped 6.8% and breached the dynamic support. This breakdown could bolster change in market sentiment from buying on dips to selling on rallies.<\/span><\/p>\n<\/blockquote>\n If the coin price managed to sustain below the pierced support, the selling pressure could push the price to $1625, followed by $1400.<\/span><\/p>\n A possible crackdown of the $1625 swing low will also violate Dow theory of uptrend, giving additional confirmation of a prolonged downfall.<\/span><\/p>\n <\/p>\n Despite the massive breakdown mentioned above, the ETH price showcased long-tail rejection in the daily chart at $1625 support. This buying could be associated with the market participants entering correction dips. Therefore, a minor pullback is expected which could retest the breached support trendline. The coin price sustainability below the ascending trendline could offer a short-selling opportunity to interested traders<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n
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\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\nETH Price Daily Chart: Key Points<\/b><\/h2>\n
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![\"ETH](\"https:\/\/s3.tradingview.com\/snapshots\/4\/4VLTn9Kj.png\")
Source- Tradingview<\/span><\/p>\n\n
Should You Consider Selling Ethereum Now?<\/b><\/h2>\n
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