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20 January 2021
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Ethereum

BULLS BEWARE: ETHEREUM IS BREAKING A CRUCIAL TRENDLINE FOR THE FIRST TIME IN WEEKS

  • 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.

The benchmark crypto rallied as high as $19,500 overnight before facing an influx of selling pressure that slowed its ascent and caused its price to reel lower.

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