Ethereum (ETH) continues to show great price activity recently. Multiple metrics detailing its use have reached the all-time high, and for the most part, the second largest cryptocurrency in terms of market value seems basically sound. However, the technical weakness it has shown, especially in recent weeks, continues to persist despite being solid.
The difference between basic power and technical power directly affects the price of ETH and appears as an obstacle to reaching the desired levels.
A popular crypto analyst believes that the current technical weakness, along with the change in wallets, can lead to large selloffs from miners.
ETH has had a trading range between $ 230 and $ 250 in the past few months, and the downfall after each increase it experienced has caused technical injuries. As a result, it caused Ethereum to be traded at $ 219 as of writing. Closings below $ 230 are strong enough to ignite a major drop.
Also, according to the same analysts, miner outlets need to be monitored as a factor that can have a terrible effect on Ethereum. Due to these decreases experienced by Bitcoin (BTC) and Ethereum, it is underlined to be very cautious about their short-term outlook.