Ethereum Price Analysis / Altcoins In Trouble ?
I usually prepare an analysis on Bitcoin, but as of lately the correlation between Bitcoin and Altcoins has broken completely and it seems like people prefer to sell their Altcoins in order to buy Bitcoin. Thats why I decided to cover some other major coins like Ethereum. People selling their speculative coins to buy the cryptoking has a lot of logic behind it as in general one would like to have the market leader opposed to market laggards.
I see a lot of frustration in crypto holders or traders because of the rising prices of Bitcoin and the falling or stagnant prices of the projects they hold. The question is what will happen to the altcoins if BTC start to fall again.
Ethereum is below the short-term moving averages - the 8-day (Red Line, 858$) and 21-day (Yellow Line, 875$) and volume is extremely low. We saw a very similar scenario when ETH was in the range of 290-330$ for few weeks while Bitcoin was making high after high.
What's Next ?
- The first support seems to be 850$ and the next big support is 800$
- We have a big resistance at 880$ level
Currently I would prefer taking a short position in ETH. Overall if you want to establish a long position, I would advise to wait for a move to start, instead of locking your capital in a trade that does nothing.
Whats your opinion for the general crypto market ? Let us know in the comments :)
From my point of view is what was expected. Bitcoin always goes up first and then the altcoins. It's a matter of time, ethereum will go up, at least, I hope so..XD
Yes, there are definitely good signs for the bullish scenario as well. I think the 850$ level proves to be a good support so far. I wouldnt be surprised if we see a 10-15% day up soon. But first btc needs to stabilize a bir further.
Totally agree with you. From my point of view, at this moment most of the people are scared to lose the opportunity to invest in bitcoin before it rises, because they expect it to reach the same levels that we saw in December.
most likely it will.
I feel like we're on the brink of a breakout for BTC and everyone feels it coming... We keep testing the 11.5k resistance level and once we break that, we will probably see a nice surge in price until at least 13k. So it that sense it's normal that ETH and altcoins lag behind a bit. It's only when we see BTC have another good run after those levels, that I think we're in a bullmarket again, FOMO will kick in again, and everything will pump as a result of that. Just a little patience.
Yes, that what I also think. But also in my opinion it might take a bit more time. When ETH was in thr tight range, it took a lot more than a little breakout, but with crypto you never know. Now we have to defend the 11,000$ level.
Very disappointed in ethereum lately :*(
Why?
Because it's bearish atm while btc is bullish usually those 2 are tied together :P
Yes but when BTC fell hard, eth was doing better.
Sometimes I feel that breaking a correlation between alts and BTC is a sign of another Bitcoin rally. At the end BTC is a prime mover and alts will follow like puppies short after him.
Good job! Be good! ;-)
Yes, that is what everyone expect. Hopefully it will play out like this.
It looks that it will!!
altcoins aren't going up wildly while Bitcoin rises. I'm more excited that Bitcoin is at this price with this total market-cap when BTC was near this price last week, market-cap was well over 500 billion.
it is still the beginning, i am thinking in time to come you will see more balances of coins moving around, really good article by the way, keep up the amazing work
To hear the speech version of this post click the play image.
Brought to you by @tts. If you find it useful please consider upvote this reply.
You got a 1.92% upvote from @postpromoter courtesy of @ervinneb!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
You got a 4.14% upvote from @buildawhale courtesy of @ervinneb!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.
If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.
Your analysis is good but the time will answer all the questions, hmm.. let us wait and see. The post has bee resteemed to our Steemians court.