Like bitcoin, ethereum is doing a good job holding the weekly low.
Tell that to a bull who’s already long, though, and that trader may not find much consolation in that.
After all, ethereum has fallen in six of the past nine days. Further, it’s down for its third straight week and for the fifth week in the past six. From the recent high to this morning’s low, Ethereum is down more than 34%.
In other words, it hasn’t been a fun or easy ride, even though it’s still up massively — 68.6% — from the July low.
That said, ethereum is in a weird spot. It’s below the 10-day, 21-day, 50-day and 10-week moving averages, as well as the key $2,900 to $3,000 zone.
However, it’s above some of its longer-term moving averages, like the 21-week and 200-day measures. In other words, its short- and intermediate-term trends are clashing with the longer-term trend.
