Ethereum is currently at the mercy of sellers that could put a huge dent on its bullish momentum and pull it back to the $1,500 region, or even lower. The king of all altcoins took advantage of the crypto market’s late October push, surging all the way to $1,655. It tried to move past this particular territory to be closer to its $1,700 target. ETH is steadily holding the $1,600 zone, for now Ethereum could retest the $1,500 support level due to tremendous selling pressure The altcoin is forecasted to trade below $1,400 30 days from now But the effects of the Federal Reserves’ 75 bps interest rate hike caught up with the cryptocurrency and made it fall all the way down to $1,500 once again. The digital asset was quick to shake this off and made a bounce back rally as it now trades at $1,615 according to latest data from Coingecko. In a span of two weeks, ETH managed to grow by 30% but if selling pressure continues to get in the way of the altcoin, it might kiss its entire recent gains goodbye. Sellers Could Push Ethereum To Test A Familiar Support Level As the crypto continues to hold the $1,600 marker, it will continue to attract sellers specially those who started to accumulate when ETH was struggling to even just hit the $1,400 zone. Related Reading: Dogecoin (DOGE) Price Seen Sliding 15% In Coming Days – Here’s Why Source: TradingView If indeed more selling pressure comes right now, the digital currency could decline by 7%...
