Ethereum recorded a six percent decline against the U.S. dollar over the past 24 hours,
The decline on the Ethereum price was expected after the second most valuable cryptocurrency in the global market demonstrated a strong 11-day rally from December 28, during which it surged by 38 percent from $117 to $162.
Prior to the short-term drop in the Ethereum price, a cryptocurrency trader “The Crypto Dog” said despite the positive price movement of the asset, the struggle to close above a key resistance level can leave the asset vulnerable to shorts and increasing sell-pressure.
Ethereum performed well against most major crypto assets throughout the past week.
Following the decline in the value of the asset, the trader revealed:
“It makes sense to see some bounce here, given this level on the ratio, so I hesitate to say this is a great entry. …and of course, I’m just thinking out loud, not trying to urge anyone to FOMO into a trade. I shorted ETH at $156 and sitting relatively comfy here.”