Ethereum not even close to all-time high, while Bitcoin shreds it
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The market appears to be generally bullish, but ETH does not appear to have the momentum necessary for a big breakout. Ethereum appears to be stuck in a downward trend, with no immediate indications of an upside breakout, according to the daily chart's current descending channel. Selling pressure has reacted to recent attempts to break above resistance, highlighting the upper boundary of the channel as a difficult barrier.
Ethereum has a stronger base at $2,250 and support at $2,350 on the downside, which might act as a buffer if selling pressure builds. Volume patterns raise additional issues. Trading volume has been steadily dropping, which could mean that buyers are waiting for a more distinct breakout signal or are losing interest. Ethereum is unlikely to muster the strength required to break out of its current channel without a spike in volume.
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