Ethereum’s Price Struggles as Severe Bearish Momentum Looms

• For the time being, ETH is likely to consolidate within the confines of its current slump.
• If the price breaks below the $1573 level then it will likely test $1540 key support level.

In light of new allegations of extortion, former Ethereum adviser Steven Nerayoff has launched a new assault on Ethereum co-founder Vitalik Buterin. This comes after XRP attorney John Deaton made the shocking admission that he has seen some of the receipts Nerayoff has that demonstrate problems in the Ethereum ICO in 2014.

Nerayoff elaborated on Vitalik’s video claims of fraud, claiming that the Ethereum creator and his father, Dmitry Buterin, were behind a concerted and orchestrated effort to defame him.

ETH is again seeing heavy selling pressure and at the time of writing, the altcoin is trading below $1,600. However, certain network metrics, such as gas fees, are beginning to level out. According to data aggregator Santiment, Ethereum network transaction costs have dropped to their lowest point of the year, at only $1.15. Lower transaction costs have generally been accompanied with greater adoption of Ethereum.

Struggle Continues

Ethereum’s price action inside the ascending triangle formation suggests it may be nearing the conclusion of the corrective phase. In order to finish the correction, ETH may make a new, lower low before continuing to climb to a new all-time high. For the time being, ETH is likely to consolidate within the confines of its current slump.

At the time of writing, ETH is trading at $1593, down 0.12% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 39.23%. If the price manages to go past $1600 short-term resistance level, then it will likely climb towards $1666 resistance level. However, if the price breaks below the $1573 then it will likely test $1540 key support level.