The confluence of a decline in on-chain fundamentals could spell trouble for the ethereum price in the near term.
ETH is trading at $362 as of press time. Trader MuroCrypto, however, observed that the second-largest cryptocurrency will remain decisively bearish until it is able to break past the resistance at the $380 region.
“$ETH probably breaks 360 resistance this time. However, there’s EMA cluster and supply zone resistance at 380 levels that will high likely push it back down. Until altcoin market becomes more clear I’m scalping.”
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