- Ethereum has been holding up somewhat of late, despite the weakness seen in the aggregated crypto sphere
- Bitcoin’s drop to $ 30,000 has fueled most major altcoins, with ETH struggling to maintain the tremendous momentum it has built over the past week
- Because BTC is firmly leading the market for now, where altcoins, including Ethereum, the medium-term trend will undoubtedly depend on BTC
- Its influence on the whole market is unshakable and likely will remain until it sees a consolidation phase or starts an upward trend again
- One analyst admires the strength ETH has seen in the face of this sell-off and notes that it could be a good sign for its price once the market picks up again.
Ethereum has struggled to break above its all-time high for the past few days and weeks, with buyers and sellers both struggling to gain serious control over the price action.
The cryptocurrency was largely in a consolidation phase, with bulls defending the region at a low of $ 1,000 as sellers arm themselves against a sustained break above its all-time high.
Despite the sell-off seen today, an analyst now notes that Ethereum’s recent price move is still much more beautiful than Bitcoin’s as it shows “exceptional strength” for its ability to push higher lows.
Ethereum is diving alongside Bitcoin – Will Bulls Reverse This Downtrend?
At the moment of writing, Ethereum is trading down nearly 10% at the current price of USD 1,220. This marks a notable decline from the highs of $ 1,370, which were at the peak of yesterday’s market-wide rally.
The sales pressure turned out to be somewhat high here and led to a trend break next to the rest of the market.
ETH Shaping pattern of higher lows: bullish for Outlook
An analyst explained in a recent tweet that Ethereum shows surprising resilience despite the aggregate market’s weakness.
He specifically points to the pattern of higher lows it has formed, noting that this is a positive sign for his outlook.
“ETH prints higher highs and lows. Exceptional strength compared to BTC which recently entered lower high & lows. However, so far it has not been possible to preserve ATH. I think a breakout and close above or below blue would indicate the direction of the next bigger move. “
Image Courtesy of DonAlt. Source: ETHUSD on TradingView.
Unless Bitcoin’s constant descent forces ETH below about $ 1,100, there’s a good chance there is upside for the entire market.
Featured image from Unsplash. Charts from TradingView.