Ethereum is Showing Early Signs of Weakness; Is the Top in?

Chase 2 980x455

Ethereum, like Bitcoin, is facing a bout of consolidation as it trades below its crucial near-term resistance This level has held strong throughout the past several days, and each attempt to break above $400 has been met with an influx of selling pressure One result of this consolidation phase has been the emergence of multiple bearish signals that all point to imminent downside Analysts believe that unless ETH gains ground against BTC, it could be forming a local top on its USD trading pair This could mean significant downside is imminent Ethereum and the entire cryptocurrency market has been stuck within a consolidation phase throughout the past few days. This comes as Bitcoin struggles to break above $12,000 and as ETH remains below $400. Until these levels are firmly shattered by bulls, the recent uptrend remains on hold. Overnight, buyers of both cryptos did attempt to break these levels, but…

Read the original article here