- ETH’s performance against Bitcoin was less than ideal, leading to a weekly bearish structure.
- Until the $2.8k and $3k levels are breached, the outlook will remain bearish.
Ethereum [ETH] witnessed a continued increase in gas fees as the network activity marched higher. This is attributed partly to the rising use of decentralized finance (DeFi) platforms on the network and increasing ETH transfer volumes.
Technical analysis showed that although the market structure and momentum were bullish on the daily, key resistance levels overhead need to be breached.
Ethereum has lost much ground during the consolidation
Source: ETH/USDT on TradingView
Since the highs of March, Bitcoin [BTC] was only down by 13.4% at press time. By comparison, ETH was down by 35.8%. This bleak performance against the king of crypto meant that the Ethereum price prediction favored a bearish outlook until the $3k resistance is broken.
The weekly chart is in a…
