- Ethereum has seen a couple of sharp selloffs throughout the past day, with bears aiming at keeping it below $600
- This comes following a strong move higher earlier this week, which allowed the crypto to rally as high as $623
- The selling pressure here was intense and caused it to see a sharp decline, from which point forward it has been consolidating
- Where it trends in the mid-term will largely depend on its continued reaction to the resistance that sits around $600
- One trader is noting that the recent decline has caused it to break below a key moving trendline for the first time since it was trading in the $400 region several weeks ago
Ethereum and the entire crypto market are currently within a consolidation phase as Bitcoin makes a bid at setting fresh all-time highs.