Over the past seven days, Ethereum (ETH) has exploded higher, gaining 20% according to price data from Coin360. This meant that it outperformed Bitcoin (BTC), which gained 9% within the same time period.<\/p>\n
ETH has actually underperformed a swath of other altcoins, some of which saw massive parabolic rallies in the span of a few days: the Satoshi Vision fork (BSV) gained around 250% at the peak of the rally this week, Ethereum Classic gained 100% in a few days, and ZCash more than doubled.<\/p>\n
Despite ETH’s objectively extremely strong performance, analysts are currently worried about what comes next for the second-largest cryptocurrency by market capitalization.<\/p>\n
Full-time cryptocurrency trader Calmly recently pointed out that Ethereum’s two-hour chart is showing clear signs of topping in the short term. He elaborated on this point, writing:<\/p>\n
“Hard for me to call a top on Bitcoin right now So instead I’ll trade a setup that’s much more convincingly bearish. Ethereum is at weekly resistance and I think the high of the week might have just been put in.”<\/p><\/blockquote>\n
\n#Ethereum<\/a> – Hard for me to call a top on #Bitcoin<\/a> right now<\/p>\n
So instead I'll trade a setup that's much more convincingly bearish. #Ethereum<\/a> is at weekly resistance and I think the high of the week might have just been put in. pic.twitter.com\/XfpMPE5gRN<\/a><\/p>\n
— Calmly | full-time trader (@im_calmly) January 17, 2020<\/a><\/p><\/blockquote>\n