Ethereum has failed to hold its head above $240 while the global crypto market capital experiences a steep $14 Billion correction today.
At the time of writing, the #2 cryptocurrency has plummeted by more than 8.24% against the US dollar over the last 24 hours, and is flagging behind Bitcoin by 3.50%. Trading volume has also fallen by $1.6 Billion, as traders undoubtedly flock to stablecoin assets to secure their fiat value.
Despite a highly promising golden crossover appearing on the 1D ETH/USD chart over the last 4 days, the price action has begun consolidating inside a bearish descending triangle pattern. From this, we could expect to see the short-term price trend decline further before Ethereum continues its ascent towards $300.
Ethereum (ETH) Price Analysis
On the 1D ETH/USD chart we can see that the asset has managed...