Ethereum has seen some relatively boring price action over the past 12-hours, largely hovering around $210 as it consolidates following its recent volatility.
The price action seen by ETH over the past couple of days has been significantly less bullish than that seen by Bitcoin and many of its other peers, as it posted a massive retrace from its multi-day highs that worked to degrade its market structure.
It now appears that the crypto could be trapped beneath a key technical level, and it could continue struggling to match the momentum seen by BTC if it doesn’t firmly surmount this level.
ETHEREUM CONSOLIDATES ABOVE $210 FOLLOWING YESTERDAY’S BRUTAL REJECTION
At the time of writing, Ethereum is trading up under 1% at its current price of $213. This marks a slight climb from multi-day lows of $198, but a notable retrace from highs of over $230 that were set at the peak of its recent rally.
The rejection at these highs led ETH to severely underperform Bitcoin – which is currently trading down just slightly from its multi-day highs of $9,500. Read More