Is Ethereum (ETH) Eyeing a Bear Market in Comparison to What’s in Store for Bitcoin’s Near Future?
- While Ether’s value has remained fairly stable over the past couple of months, it does not look as though the world’s second largest cryptocurrency (by total market capitalization) is going to witness a bull run anytime in the near future.
- Ethereum’s technical indicators are currently showcasing the formation of a ‘candle pattern’ — which indicates that a price drop may be incoming for the altcoin.
While the price of Bitcoin continues to surge, it appears as though a number of other premier altcoins are struggling to maintain their bullish momentum. For example, as per a recent study released by popular cryptoanalyst, Josh Rager, Ethereum is currently close to breaking its 3-year support line and will most likely continue to lose value in the coming few months.
This advice seems quite contradictory because the general consensus amongst the global crypto community is that ‘as long as BTC continues to do well, so will the rest of the market”.
In regards to this development, Rager recently sent out the following Tweet:
“Candle body is making a new low for Ethereum as long as Bitcoin continues its Dominance % this will not go well for ETH or most alts. Bitcoin should be the focus at the moment”.
More on the Matter
As things stand, Ethereum is trading around the $288 mark. However, over the course of the last 30 days or so, the currency has seen its value surge to an impressive $330 — only to stoop down to the $265 mark once again. In this regard, a number of commentators have been claiming that a lot of altcoin holders are now dumping their assets in favour of BTC.
Ether’s recent trend chart seems to suggest that the currency may once again be on its way down.
Recently, when BTC stooped below the 11k mark, Tron’s native crypto offering, TRX, witnessed a massive drop in its trade price — thereby, sending the value of the premier cryptocoin down by a whopping 5% or approx. $2 billion within a period of just 24 hours.
During the aforementioned time period, Ether’s value also dropped by around 4.5%.
In closing out this piece, it should be highlighted that a number of crypto proponents are now of the belief that as BTC continues to rally, other altcoins will lose a lot of their market capitalization. It now remains to be seen whether this prediction comes true or not.