Ethereum is Coiling Up for a Big Move; Why Analysts Expect Downside

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Ethereum, much like Bitcoin, has been caught within the throes of an intense bout of sideways trading This has caused the cryptocurrency to largely hover around the lower boundary of its multi-month trading range, being unable to gain any clear and decisive trend in either direction Although many major digital assets have been able to kick off firm uptrends, ETH hasn’t been so lucky Analysts are now noting that Ethereum may be well-positioned to see some notable downside in the days and weeks ahead Ethereum has seen one of its tightest bouts of sideways trading that it has seen throughout its history. Since May, the cryptocurrency has been trading mostly between $230 and $250, only breaking out of this range on a few brief occasions. Throughout this period, it has been forming a tight correlation to Bitcoin. BTC’s bout of trading at the lower boundary of its long-held trading range…

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