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 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.

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

Ether bottomed out at $83.00 in mid-December, as the bitcoin bear market ran out of steam near $3,100.

The cryptocurrency then charted its first bullish higher low at $102.50 in the first week of February, before breaking into a bull market with a move above $167 in the first week of April.

The cryptocurrency pulled back in July, but the correction did not damage the bullish structure.

The latest dip below $200 has violated the bullish higher lows and higher highs setup represented by the rising channel from December lows.

The 14-week relative strength index has dropped into the bearish territory below 50 and the moving average convergence divergence has crossed below zero for the first time since December, confirming a bearish reversal.

Disclosure: The author holds no cryptocurrency assets at the time of writing.