Ethereum has been closely tracking the recent price activity shown by Bitcoin. This has led the crypto to climb higher in the last few days before facing a minor rejection yesterday at its highs level.

This recent price action has come as multiple bear-favoring factors begin to emerge, including rising wedge patterns, resistance to high-time frames, and weakening buying pressure.

The confluence of these factors does seem to suggest that a breakdown is imminent, although it is a possibility that the strong support established around $185 might be sufficient to slow down its descent.

Ethereum Monitors Bitcoin, but Analysts Watch Several Bearish Factors

Ethereum is trading down just under 2 percent at its current price of $195 at the time of writing, representing just a small decline from the daily highs of $198 set yesterday when investors tried to drive a surge past $200.

At present, buyers and sellers seem to be deadlocked, with both sides seeking to tip the scales in their favor.

One prominent pseudonymous analyst spoke in a recent tweet about the factors that count for and against Ethereum, telling his followers that sellers currently seem to have an advantage over buyers.

“ETH short pros: At the point of breakdown. Showing signs of weakness. Rising wedge. HTF resistance. Cons: Has not broken down. Uptrend intact. I have put in what I’m willing to lose on the trade. Target is 4hr 50ema at $185 which was should act as an area of support,” he noted.

Another grim sign could be the dissolution of bids

The aforementioned technical signs are not the only factors currently counted against the cryptocurrency, as the same analyst also states that a grim indicator may be the absence of competitive bidding.

“ETH: Not seeing the same aggressive bidding we saw all the way up across the exchanges. Delta shifting as well. I suppose we could see another leg up, fake out, blow off top or something along those lines as well. But can see a shift taking place,” he said while pointing to the below chart.

If Bitcoin leads the market higher, Ethereum doesn’t seem able to surmount $200.