2020 has been a great year for Ethereum, with the cryptocurrency incurring a significant amount of bullishness that ultimately resulted in a parabolic movement earlier this month that led ETH to rally to highs of $290.<\/p>\n
In the time following its retrace from these highs, bulls were able to support the cryptocurrency and absorb the intense selling pressure that ETH was facing, allowing it to dodge much of the losses that Bitcoin and other major altcoins were subjected to.<\/p>\n
Despite this, the crypto is now showing signs of weakness, and one analyst is noting that it could soon see its first major selloff of 2020 if it breaks below one key support level.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down 6% at its current price<\/a> of $252, which marks a notable decline from daily highs of $270.<\/p>\n ETH\u2019s current downtrend is coming about in tandem with the price declines seen by Bitcoin and most other major cryptocurrencies, and the aggregated crypto market appears to be teetering on the edge of a precipice.<\/p>\n The ongoing selloff has also led Ethereum to underperform Bitcoin, as it is currently trading down 3% against its BTC trading pair.<\/p>\n Jonny Moe \u2013 a well-respected crypto trader \u2013 spoke about Ethereum\u2019s BTC trading pair in a recent tweet, noting that it \u201clooks like ETH wants to break down.\u201d<\/p>\n “With the way the <\/span>ETH\/BTC<\/span> pair is shaping up, it sure looks like <\/span>ETH<\/span> wants to break down.”<\/span><\/p><\/blockquote>\n With the way the $ETHBTC<\/a> pair is shaping up, it sure looks like $ETH<\/a> wants to break down. pic.twitter.com\/xpkZYwMkb2<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) February 25, 2020<\/a><\/p><\/blockquote>\n\n