Ethereum Bulls Lose Steam As Last Support Looks to be Retested

Ethereum has seen positive gains this week, climbing from a low of just $130, up to a high of $147, maintaining its second place in total market cap. Short-term momentum, however, appears to be fading away. More concerning perhaps, was the last ‘’fakeout’’ where the price attempted to break the last high of $140, just to fold again over the following few hours, deleting these nascent gains.

Compared to LTC or BNB which have been leading bulls during these last two months, the Ethereum uptrend is not so clear. However, this doesn’t necessarily mean Ethereum will just crash and turn completely bearish, since the whole market will still play an important factor when it comes to which direction Ethereum will break through.

The most likely scenario for the short-term is that Ethereum will go back and test the last support. If it holds, we are going to enter into an equilibrium pattern, ignoring the fakeout, out of which we will probably break in the next week or two.

Ethereum (ETH) co-founder Joseph Lubin said this week that he expects blockchain technology to experience tremendous growth in the next 10-20 years. He also talked about Ethereum 2.0 and its benefits compared to Bitcoin, potentially setting the stage for big things to come.

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