Ethereum Has Signs Of Weakness, But Can Successfully Overcome Them: Crypto Analysts
Despite a price break above $200, Ethereum was unable to meet the expectations of many crypto enthusiasts and close the trading session last week at levels above $250. Many experts note that the price movement Ethereum and Bitcoin partially consolidated. As we can see, the two leading crypto assets could not hold bullish impulses and for a long time moved along a side trend.
Consolidation Ethereum with Bitcoin
Today we see a certain slowdown in the price movement of Ethereum which was noticed last week. Ethereum is trading at $240 and so far does not have enough strength to jump over this line. Crypto analysts are sure that now the time has come for Ethereum to turbulence: if this cryptocurrency is not able to jump over the resistance level of $240 or more in the coming days, the price may likely reverse.
Even more excitement within the crypto community is fueling the Ethereum consolidation with Bitcoin. The flagship cryptocurrency is in an uncertain position, as bears can take power at any time. Analysts also note that Ethereum is not yet strong enough, there is a risk of lowering its price. This is confirmed by the formation of the inverse “head-and-shoulders” model on the Ethereum technical chart. But this pattern may not play if the price of Ethereum is held in the price region from $232 to $250.
Can Ethereum hold on at power?
Some leading cryptanalysts are convinced that Ethereum today has sufficient technical strength to withstand the bears. Even though Ethereum has so far stopped in the price region just below $250, this does not mean that the crypto asset will turn back to lower support levels.
One of the most popular traders noted that it’s important for Ethereum to keep it above $228. This will not only preserve current market positions but will also help consolidate forces to continue the rally. He indicated:
“If the price of Ethereum reverses, the main thing is that the crypto asset does not go beyond the short-term trend support line. Ethereum will be able to maintain strength if it rolls back to $228 and stops there to build strength for the next breakthrough. ”