Ethereum is Stuck Below a Crucial Level as Weekly Close Fast Approaches

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Ethereum’s price has been consolidating alongside Bitcoin’s throughout the past few days, with buyers and sellers reaching an impasse This has come about as the entire cryptocurrency market struggles to find any significant directionality Where the market trends next will likely depend on Bitcoin, which has been performing quite well despite a myriad of bearish news developments ETH’s consolidation phase has grown quite narrow as of late, and it remains stuck below a crucial level Until this level is surmounted, the cryptocurrency could be poised for further downside in the weeks ahead Ethereum’s price action has been mirroring that of Bitcoin’s throughout that past few days, which has resulted in it seeing an incredibly tight consolidation channel between $344 and $349. This is quite similar to Bitcoin’s current range between $10,500 and $10,600. Until the cryptocurrency is able to shatter either the upper or lower boundary of this range, it…

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