Ethereum is Showing “Exceptional Signs of Strength” as Bulls Defend Crucial Level

Ethereum is Showing “Exceptional Signs of Strength” as Bulls Defend Crucial Level

  • Ethereum has been holding up somewhat well lately despite the weakness in the aggregated cryptosphere
  • Bitcoin’s decline to $ 30,000 has caused most of the major altcoins to fill up, and ETH is struggling to maintain the massive momentum it built over the past week
  • As BTC is currently firmly at the fore in the markets where altcoins, including Ethereum, will undoubtedly depend on BTC in the medium term
  • Its impact on the market as a whole has been unwavering and likely will remain until a period of consolidation or another uptrend occurs
  • One analyst admires the strength ETH has seen in the face of this sell-off and notes that this could be a good sign for its price once the market rebounds

Ethereum has been struggling to beat its all-time highs for the past few days and weeks, and both buyers and sellers have struggled to gain serious control over its price movements.

For the most part, crypto has been in a consolidation phase, with bulls defending the region on less than $ 1,000 as sellers continue to guard against a sustained break above their all-time highs.

Despite today’s sell-off, an analyst now notes that Ethereum’s recent price performance is still far nicer than Bitcoin’s as it has “exceptional strength” due to its ability to print higher lows.

Ethereum falls alongside Bitcoin – will bulls reverse this downtrend?

At the time of writing, Ethereum is trading nearly 10% from its current price of $ 1,220. This is a notable drop from the highs of $ 1,370 made at the height of yesterday’s market-wide rally.

The selling pressure proved to be somewhat significant here and resulted in a trend reversal alongside the rest of the market.

ETH education pattern for higher lows: bullish for the outlook

An analyst recently stated in a tweet that Ethereum has surprisingly resilient despite the weakness of the aggregate market.

He specifically points to the pattern of higher lows it has formed and notes that it is a positive sign of his outlook.

“The ETH prints higher ups and downs. Exceptional strength compared to BTC which has recently hit lower highs and lows. However, so far it has not been possible to maintain ATH. I think a breakout and close above or below blue would indicate the direction of the next major move. “

Image courtesy DonAlt. Source: ETHUSD on TradingView.

Unless Bitcoin’s ongoing decline does not force ETH below around $ 1,100, there is a good chance that an uptrend is imminent for the entire market.

Featured image from Unsplash. TradingView charts.

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