Ethereum price analysis: Bull trap as gains chopping commences
- Ethereum surged along with Bitcoin approaching $180.
- Technical indicators point towards market indecision in the short-term.
Tuesday was fruitful on the cryptocurrency market following the unexpected surge. Bitcoin spiked past $5,000 reviving the hope of retracing back to November 2018 levels above $6,000. Ethereum reacted as well as recording incredible gains above $175. The second largest cryptocurrency has seen a 20% rise in the last seven days and 31% in the last thirty days.
Ethereum approached $180 but has lost momentum leading to a slide below $170. ETH/USD is currently valued at $168. The indicators on the chart are sending mixed signals, which means that the market is heading to a period of consolidation and indecision.
The next action will determine the trend in the coming few days. For instance, a correction above $180 will pave the way for higher movement leading to $200. However, if Ethereum drops below $160 key support, we could witness more breakdown that could even retest $130.
ETH/USD 1-hour
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
