Ethereum [ETH] Price Action – Ethereum Underperforms Top Cryptocurrencies
Ethereum has underperformed other top cryptocurrencies this week.
The week started with a bearish drop that took place across the market and brought the price of Ethereum below a key level.
Prices started the week dropping below a key Fibonacci retracement level.
If Fibonacci retracement levels are drawn from the December low to the January high, prices dropped below the 0.618 retracement level and met support at $102.7.
Prices have since been trading between these two levels.
Ethereum has underperformed this week compared to other top cryptocurrencies this week after struggling to recover from the initial drop at the start of the week.
Data from Messari show Ethereum dropping 6.28% over the past seven days.
The other two top cryptocurrencies Bitcoin and XRP have declined 3.47% and 2.17%.
Price has already tested the $102.70 level numerous times during the week.
Each progressive tests makes the level weaker with fewer buyers to hold the level on each consecutive tests.
- Ethereum has underperformed other top cryptocurrencies over the past week.
- Price struggled to recover from the initial drop which started the week.
- Price is currently trading between resistance at the 0.618 Fibonacci retracement level and support at $102.70.
- Prices have already tested the $102.70 level a number of times.
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