Ethereum Sees “Underlying Issues” Arise as Analysts Grow Concerned

ETH has underlying issues

Ethereum has been able to climb all the back up to its local highs of $190 as its upwards momentum continues to build. This movement has come about after Bitcoin was able to gain a solid foothold above $7,500.

Today’s upswing has marked an extension of the rally that Ethereum has been caught within in the time following its decline to the sub-$100 region in mid-March.

Analysts are growing concerned about the strength of its recent uptrend, however, as it has failed to retest its previous resistance levels as support – meaning that it may be positioned to revisit these levels in the near-term.

Ethereum Reaches Local Highs as It Approaches a Major Supply Zone

At the time of writing, Ethereum is trading up just under 1% at its current price of $189.40, marking a notable climb from its daily lows of $184 that were set during a fleeting dip late yesterday.

The cryptocurrency is now engaged in a bout of consolidation just below its current resistance at $190. This level happens to be where it rallied to last Saturday before facing a firm rejection here.

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When I came up with Ethereum, my first first thought was, 'Okay, this thing is too good to be true.' As it turned out, the core Ethereum idea was good - fundamentally, completely sound