Ethereum fails to navigate the road back to its ATH; staggers at $1.2K

Ethereum or Bitcoin? Both these assets onboard bears as the community yearns for ETH to hit an all-time high
ethereum
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The entire crypto-verse has witnessed extreme volatility in the last few weeks. Chainlink [LINK], as well as Polkadot [DOT], were undoubtedly the stars of the show as they bagged the most gains. Ethereum has been so close to hitting its all-time high of $1,432.88 but hasn’t gotten quite there yet. The asset seems to be insinuating anticipation amongst its users. It delayed the launch of Ethereum 2.0 for the longest time and now Ethereum’s coin, ETH has been teasing its HODLers by lounging at $1.2K.

Ethereum one day chart; So close yet so far

Ethereum
Source: CMC

The ETH market on Coinbase was seemingly recovering from a recent surge in volume. The Parabolic SAR indicator revealed a bearish sentiment. The indicator projected dotted lines over the candlesticks which posed as a hurdle to an upward breakout. The MACD indicator was in sync with this notion. The MACD line was seen sliding below the signal line further heading to form a bearish crossover.

These key indicators were revealing a strong inclination towards the bearish realm for the altcoin. This could further put a hold on ETH’s journey to breaching its previous all-time high. The developer of Ethhub seemed to be quite frustrated with ETH’s price movement as he tweeted,

“Alright, I give up. Ethereum isn’t going to retest its ATH yet. I’ve moved a large portion of my ETH into BTC. It feels like the right move.”

While several seemed to be agreeing with this sentiment, let’s see what is happening in the BTC market.

Bitcoin one-day price chart

Bitcoin
Source: CMC

Turns out, the Bitcoin market was also infiltrated by the bears. The Klinger Oscillator was seen in the middle of a bearish crossover. The Awesome Oscillator was also hoarding the bears by forming red closing bars. While this bearish momentum was intact, BTC was trading for $37,778 with a 2.75% daily drop, at price time.

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