Ethereum price action in consolidation
Ethereum prices have moved into a consolidation mode for the past few weeks with price action trading flat. Lack of any clear fundamentals has left the cryptocurrency to depend on technical trading.
Roger Ver backs Ether to overtake Bitcoin
The cryptocurrency also did not react much to news from one of the most famous crypto investors Roger Ver. Ver, known to be one of the most earliest Bitcoin investors came out in support of Ethereum as he said that Ethereum could potentially overtake Bitcoin in the near future.
According to Roger Ver, Ether, the coin that powers the Ethereum network is already underway to usurp Bitcoin. The positive comments in favor of Ethereum did not help the prices much as the cryptocurrency continued to drift sideways.
With the inverse head and shoulders pattern currently forming we can expect near term drops towards 850.25 which level we see as ideal to enter a long position. A reversal at this level could potentially see ETHUSD heading to 883.80 which is the 161 fibonacci extension.
However, the longer term trend remains sideways as Ethereum is expected to continue posting consolidation at the current levels.