Ethereum made large gains recently. Now, after a tightening range with shrinking volumes, ETH is now seeing EMA's cross over and become bearish.
This trend reversal is prevalent on the 4-hr chart which has traditionally been reliable for technical indicators...namely RSI.
After the gap was tightened and exploded, we see the EMA ranges get tighter and tighter, ultimately crossing over bearish with the shorter term EMA's on the down side
Support is at $640, so we could see a longer test of this level.
The correlation is also currently directly related to the bigger coins like BTC. As such, since BTC is still pulling back, we will see ETH pull back as well.
In any event, consolidation breakout looks to be bearish. A break below $680 is a huge sign and confirmation this will be bearish for the longer term trend.
Happy trading!