Significant long-term Ethereum signal ready to shift higher
With altcoins like Ethereum and XRP at extremely low levels, and Bitcoin now falling, the entire crypto market runs the risk of falling deeper into a downward market.
But if an important long-term technical indicator in Ethereum’s price information changes upward in the next few days, Ethereum may break the resistance, which will cause an increase in the price and the crypto asset to prevent the rest of the market from falling yet. plus.
ETH / BTC Long-term indicator about to signal higher
The entire crypto market is driven by Bitcoin and some select “main” alternative currencies with the highest market capitalization. Ethereum is one of those main drivers of the market, and was partly responsible for the cryptocurrency bubble of 2017 due to the ICO boom.
But after the bubble burst, Ethereum fell more than 90% from its all-time high, and has since fought, almost two full years now, to recover lost ground and return to a bull market.
Instead, every attempt the asset makes is crushed more and more by bears. However, all that may be coming to an end, if the MACD in Ethereum’s weekly price information becomes bullish in the next few days.
The important long-term indicator is already turning up, suggesting that the change is coming. And although the MACD is a lagging indicator and, although it seems to be pointing up, it could go down further in the other direction. However, there are additional signs that suggest that Ethereum is due to pop.
Ethereum could beat Bitcoin if the information pattern is completed
According to available information, Ethereum is forming what appears to be an inverse head and shoulder pattern in its BTC trading pair, and after repeated tests of superior horizontal resistance, Ethereum seems ready to move forward. And with the MACD, an important momentum indicator, which becomes bullish, the momentum could be enough to propel Ethereum through resistance and make the asset appreciate in value quickly and significantly.
If Ethereum increases here, it could cause the rest of the altcoin market to also increase, since the entire asset class is highly correlated. Bitcoin and altcoins do not always correlate as observed from April 2019 until approximately September 2019, when altcoins bled out in their BTC proportions, however, Ethereum could help get Bitcoin out of the current trading range at $ 10,000 and End the current correction.
However, because Ethereum looks more optimistic when combined with Bitcoin against the US dollar, it could also suggest that Ethereum will outperform Bitcoin by a wide margin in the coming days or weeks. Given how much Bitcoin recovered this year and left alts in its dust, alternative currencies like Ethereum recovering lost ground is a very likely scenario
The cryptocurrency ecosystem goes through a period of rearrangement, some specialists believe that speculation has a lot to do, it is very important that investors can have some confidence, otherwise it is possible that prices are set in a medium range, the Blockchain-bitcoin technology can offer security, scaling and add value, it all depends on trust and security. expected by new ads
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