Here’s Why Analysts are Flipping Short on Ethereum After Its Explosive Surge

After a prolonged period of range-bound trading, Ethereum posted a breakout rally yesterday that allowed it to surge up to fresh multi-month highs This rally put a firm end to the crypto’s macro trading range between $230 and $250 It remains unclear as to what caused this movement, but it allowed Bitcoin and other major altcoins to push higher as well Analysts are now growing cautious of what could come next for ETH Despite its strength, the high time frame resistance it is currently tapping could send it reeling lower Ethereum saw a sudden jolt higher yesterday afternoon that allowed it to post some notable gains. Although the cryptocurrency has been trading sideways within a macro trading range for the past several weeks and months, this movement put a firm end to this consolidation phase. It now remains somewhat unclear as to what ETH’s future outlook could be. Despite the…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE