Why An Analyst Isn’t Convinced of Ethereum’s Price Action Despite Rally to $375

5f5c76b859ef7

Ethereum has pressed higher after falling as low as $310-315 just days ago. The coin now trades for $370 and traded as high as $375-378 just hours ago. The coin is not entirely bullish, though, despite the recovery from the aforementioned lows. Analysts remain bullish on Ethereum from a longer-term perspective. They cite trends in decentralized finance and what effect that will have on ETH. Here’s Why Ethereum Isn’t Bullish… Yet Edward “Teddy” Cleps, a prominent crypto trader, thinks Ethereum isn’t in a bullish state just yet. The analyst shared the chart below, noting that the recent rally may just constitute a bearish retest as opposed to a bullish breakout : “Price retested previous support as resistance – currently looks like a rejection. Vital for bulls to push back above for lambo season.” Chart of ETH's price action over the past few months with analysis by crypto trader Edward "Teddy"…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE