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04.12 - 18:25
What’s contributing to Ethereum’s short-term price action, is it tied to Bitcoin
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As Bitcoin took a dip under the $61K zone, Ethereum too couldn’t hold its ground strong for long. On the daily time frame, ETH traded at $4,177, noting an 11.54% daily price fall and 13.10% price loss on the weekly.
So, soon after Ethereum saw its highest weekly closing price of $4643 (vs USD on Binance) how did the top coin tumble? Well, the signs of a short-term bearish price turnover could be spotted before the price slumped.
Firstly, Ethereum was observing considerable consolidation after making an ATH of $4868 on 10 November. As the price candles on the daily chart closed in red for almost a week, ETH’s supply on exchanges also witnessed some sudden moves.
On 14 November, just a couple of days before the over 10% losses struck the top
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