I don't want to offend any Ethereum enthusiasts out there, which I imagine are a lot of people but as of lately Ethereum has been one of the worst performing coins in this bear market. It had peaked at around 1425$ and currently it is at 412$ - that is a 72% drop ! However I am waiting for ETH to show some strenght for a long time now and I think that we finally might see some price action to the upside !
First of all let's take a look at the ETH/USD daily chart
We can clearly see that ETH has found some serious support at the 380$ level and it has also based. In addition to this we should take a look at the ETH/BTC chart which tells us the rest of the story
For the first time in a long time ETH is performing better than Bitcoin for more than few days. I think it is obvious that at the moment people like Ethereum from these levels. Of course there are some negatives we should consider before making a decision.
What I don't like
- Ethereum is very extended from the moving averages and this might be just a "catch up" rally
- Ethereum still has not broken the 420$ solid resistance
- Volume is very thin on the buy side
- A "death cross" will happen in 1-2 days
To be honest before I enter such a trade I would wait at least for ETH to brake the 420$ resistance and to stay above it. Another important thing to consider is the Moving Averages - I would wait until ETH catches up with the short-term ones and the way it behaves once it does will be a good indicator.
What is your opinion on ETH and the crypto market in general ? Let us know in the comments
I mine ETH and i think this price movement is long time in the making. I would like to see ETH cross $450 before Bitcoin cross 11K.
I guarantee you 100% that will happen :D EETH will cros 450 before BTC is 8000$
I quite like ethereum and believe that price fall was bound to happen.
Even though it is now a gateway coin to buy other altcoins, just like bitcoin is, it is still extremely correlated with bitcoin. That is the simplest explanation.
Whether one believes or not in bitcoin being digital gold, it has proven to be the reserve digital currency during this correction. People have been moving to bitcoin out of all altcoins and the ETHBTC pair has corrected from 0.12285 btc to 0.05365, currently trading at 0.06061. In the last couple of days, it seems like that correction is about to reverse.
Yes, for now it sure looks like it :)
Great article, thanks for sharing. I've smashed the upvote button for you!
Finally!!!!!
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