Ethereum (ETH) is struggling to surpass this year’s high at $2,150, while the price seems to be at risk of a double-top formation followed by a decline. The crypto market has remained very active in recent days, with ETH price trading at $1985, down 3.6%.
Despite this, Ethereum remains the best option for many altcoins emerging from their consolidations.
Analyst Ali Martinez sees a tough spot for ETH between $2,000 and $2,150. This area threatens short-term bullish hopes. Martinez points out a wonderful formation in the form of a symmetrical ascending triangle on ETH’s 3-day chart. Therefore, investors should be ready for a possible pullback in the next few days.
As we reported as Koinfinans.com, Ali Martinez believes that despite the difficulties experienced in Ethereum, a close above $2150, supported by the three-day stable candlestick, will make things better.
The ETH market has been on a positive wave, thanks in part to big moves like BlackRock, a $9 trillion fund manager, filing for spot exchange-traded funds (ETFs) in the US. However, the current resistance is followed by everyone. Whether or not the resistance is overcome is the most important factor that will determine the course of things.