- Ethereum, like Bitcoin, has been caught within a long-held bout of sideways trading over the past week
- This consolidation has made it increasingly unclear as to which direction it will trend next
- It has largely come about as a result of the lackluster price action seen by Bitcoin in recent times
- Analysts do believe that ETH could be poised to see some notable downside if it is unable to push higher in the days and weeks ahead
Ethereum has been closely tracking Bitcoin’s price action ever since the crypto market bore witness to immense volatility last week.
This market-wide consolidation trend has caused ETH to hover in the $240 region, being unable to break through the resistance that remains between it and setting fresh local highs.