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Ethereum outperforms Bitcoin, and ETH recoups the majority of its post-crash losses
The Ethereum price, like the larger cryptocurrency market, saw a major flash fall on Saturday at early midnight.
At one time, 17 percent losses were recorded.
Buying pressure wiped out virtually all of the overnight losses during the rest of Saturday.
On Saturday, the performance of the Ethereum price was nothing short of remarkable. Given that the majority of the altcoin market is down 15% to 20%, Ethereum’s daily closing of 4% is a tribute to its resilience.
The price of Ethereum regains nearly all of its post-crash loss, easily beating the overall market.
Since May, the price of Ethereum has witnessed one of the quickest and deepest flash drops. The crash could not have come at a better time: midnight Eastern Standard Time (New York). Before a positive turnaround, bears might bring Etheruem to the $3,503 price level.
Senkou Span B at $3,700 and the third-highest volume node in the 2021 Volume Profile at $3,410 are the two key support levels supporting the Ethereum price up. While the near term outlook is quite favorable, there is still uncertainty and downside danger.
