Ether’s Bull Run from December Lows Appears to Have Ended

Ethereum’s cryptocurrency, ether, is losing altitude, with signs suggesting the asset has ended a bull market from December lows with a drop below $200 last week.

The second-largest cryptocurrency by market capitalization is currently trading at $183 on Bitfinex, representing a 7.3 percent drop on a 24-hour basis. Prices fell 10.18 percent last week and closed (Sunday, UTC) at $194, the first under-$200 weekly close since mid-May.

More importantly, with the weekly close at $194, ether violated the uptrend from December lows as represented by the trendlines connecting December and February lows and December and May highs.

Essentially, the eight-month rising channel has been breached to the downside, a sign of bullish-to-bearish trend change, as per technical analysis theory.

So, the cryptocurrency could remain under pressure in the near-term, more so, as bitcoin, the top cryptocurrency, is looking south.

Weekly chart

Ether bottomed out at $83.00 in mid-December, as…