Bulls Beware: Ethereum is Breaking a Crucial Trendline for the First Time in Weeks
It’s now consolidating as buyers try to defend against a break below its $580 support, with Bitcoin flashing immense signs of strength.
Charts from TradingView.
The crypto briefly broke over this level earlier this week once the hype surrounding ETH 2.0 mounted, but this quickly faded when bears pushed the crypto back below $600.
Ethereum is flashing some signs of weakness as its price hovers below $600. The selling pressure has proven to be quite significant over the past couple of days.
Image Courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.
Published at Wed, 25 Nov 2020 21:00:41 +0000
“A little blip or the end of the run up? ETH losing the trend for the first time since $400.”
This also had impacts on Ethereum, which has been closely monitoring BTC’s overall trend.
1 trader explained that Ethereum is in the process of breaking below a crucial level that has long been supporting its uptrend.
Ethereum and the entire crypto marketplace are now within a consolidation phase as Bitcoin makes a bid at setting new all-time highs.
Whether this trendline can be held above will set the tone for where it trends in the days and weeks ahead. Any sustained break below here could prove to be dire for the cryptocurrency’s outlook.
Bitcoin Rallies Towards All-Time Highs as Ethereum Flashes Signs of Weakness
Featured picture from Unsplash.
If bulls are unable to surmount this level from the near-term, it could see a sharp selloff that comes as it shows signs of breaking below a crucial support level.
The benchmark crypto rallied as large as $19,500 overnight before facing an influx of selling pressure that slowed its ascent and caused its price to reel lower.