Ethereum Likely to See a “$300 Test” as Short-Term Structure Flashes Warnings

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Ethereum’s short-term market structure has been flashing some signs of weakness as of late Although the cryptocurrency has mainly been consolidating and has lacked directionality, there is currently significant uncertainty within the entire crypto market This could continue perpetuating investor fear, potentially causing assets like ETH to see further downside in the days and weeks ahead One trader is particularly watching for another $300 test for the cryptocurrency, noting that although its short-term outlook is shaky, its macro market structure is strong He notes that this potential decline likely won’t cut any deeper than $300 due to an abundance of technical support levels Bitcoin’s unrelenting consolidation phase has done little to provide other cryptocurrencies – like Ethereum – with any clear directionality, causing the entire market to fall into a prolonged period of consolidation. This has proven to be particularly impactful for altcoins within the DeFi sector, which are largely…

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