Despite Recent ETH Breakdown, A Huge Rally Is Around The Corner

Despite recent ETH breakdown in price, there is a huge rally around the corner that is preparing to boost the price, closely tracking BTC’s price over the past few weeks.
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This movement opened the gates for more weakness but let’s see how can Ethereum perform in the following days in today’s Ethereum news.

Where will ETH trend in the mid-term looks like it is poised on whether the bulls can surpass $600. This prove to be a critical price region for the coin and its sustained bout of trading below could kick the bulls in their face. One trader noted that ETH’s ongoing technical breakdown seems to be another fake-out which means that a new rebound will send it flying. He was also eyeing a huge technical breakout from the bull pennant that was caught in the range that usually leads to a full-bull mode.

Ethereum and the entire market were caught in a bout of a consolidation phase over the past few days with the selling pressure around $600 proving to be too big to handle. One trader is expecting the cryptocurrency to see a lower move before it manages to rebound and break out of the triangle formation that it is currently caught within. This wouldn’t be so different than the breakdowns that were seen over the past month or so with each one being reverted and followed by immense upside breakouts.

At the time of writing, ETH is trading down under 2% with a current price of $579 which is below the price at which it was trading over the past few days. It has seen multiple declines like this and some bigger ones over the past few months with each one being short-lived and followed by serious upwards movements. Where will the entire market trend in the mid-term will depend on BTC as Ethereum’s price action was closely tracking one of the benchmark asset.

The ongoing decline seen by ETH could be another bear trap that is followed by a serious upside movement with one trader noting about it in a recent tweet explaining that he is waiting for a sharp rebound followed by a breakout rally that will lead the cryptocurrency higher in the days and weeks ahead:

 “ETH – We’ve been seeing this pattern a lot recently with diags. Diag breakdown, deviation below, reclaim as Support, full send. Breakout time soon imo. Adding to my long above ~$599.”