Yet another show of resistance


  • ETH fails again to cross past the barrier.
  • Downside stares at the bulls.

Ethereum the second largest cryptocurrency by market capitalisation failed to cross past the descending trendline resistance on the medium term chart which yet again proves that the crypto has a long way before it bottoms out.

ETH/USD trading flat on day at $203.32 and in less than half a percent range for the day. On the 240-minute chart of the crypto, the bulls have not been able to cross this descending trendline on the 240-minute chart which has been a tough nut to crack for a while now.

As reported by this author in previous articles (read here and here) Ethereum has a long way to go down the hill before the bottoming out process can even take place.

ETH/USD 240-minute chart:

 


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