Ethereum over the last several weeks finally began to gain some strength against Bitcoin and other top performing cryptocurrencies. But in the past few weeks, the upside has since been almost entirely erased.
The up – then right back down – price action has formed a potential bearish Japanese candlestick reversal signal. Will ETHUSD continue down further, or surge back into an uptrend? We’ll explore the technical signals to watch for.
Ethereum ETHUSD Possible Reversal Signal
The two top cryptocurrencies by market cap, Bitcoin and Ethereum, have had an unusual divergence between the two assets in terms of price action. While Ethereum bottomed early in 2022, Bitcoin found its bottom later in November of the same year. But in 2023, BTC outperformed ETH by a wide margin.
All this started to change recently as spot BTC ETF news began to cool down, and ETH ETF rumors began to swirl. Post-approval selling of BTC, among other factors, have caused an over 20% correction in Bitcoin and Eth
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