Will Ethereum return to $1350? The prince of cryptocurrency is not done with the bear market
Is a Break Coming for Cryptocurrencies? Ethereum is on the rise approx 35% Since the beginning of 2023, however, the price may take a break. Altcoins are recovering, but Bitcoin is attracting capital. Is the bear market over yet? Can Altcoins Rise Again? Can Ethereum outperform Bitcoin? Let’s analyze the graphs!
The return of Bullrun? The volumes in the chain are decreasing
With this last strong rise upwe can see the word again bull run In networks that leave our dictionary from the beginning of 2022. It is true that Bitcoin (BTC) is on the rise in 2023, but it is still visible it is too early to talk about the return of the bull market. In Ethereum we see that transaction volumesAvailable in autumn from June 2021:
We can observe that the same event happened in 2018. Indeed, volumes have increased through January 2018. bear market for cryptocurrencies. There were volumes from the beginning of January 2018 to the end of 2022 very weak In Ethereum. Volumes began to appear in 2021 increase, as the price of the second capitalization of cryptocurrencies. When’euphoria available in the cryptocurrency market, volumes increase and when fear is involved and the actors have abandoned ship volumes drop.
We see that the trend is very big bear volumes in the chain will probably have to wait for a new one upward trend In this kind of metric to find a clear upward trend in Ethereum price.
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Back to $1350 for Ethereum?
From the fence above 1350 dollarsEthereum is back rate of rise short time. However, we must not forget that the course is stuck tidied up Between 1000 dollars and 1900 dollars :
The price recently broke lower trend line Price waived since August 2022. This indicates that there are buyers in addition to the momentum change. However, it often happens that neck line The letter “W” is tested again by the market. Therefore, it is quite possible to consider the price of Ethereum 1350 dollars in days or weeks. The price certainly changed momentum, but it reached a recent peak 1674 dollars has not yet been surpassed. However, a rate of rise clear, troughs and peaks rise.
Regardless, it remains underpriced weekly resistance $1,900and below lower trend line Launched in November 2021. As long as this is the case, the price will remain fragile and the momentum will not be clearly bullish. Ether coin still has a long way to go.
is an impulse encouraging. The RSI seems to have crossed over resistance It has been operating since November 2021. The RSI will need to continue to develop above this to confirm this trend resistanceand make one support. The RSI is above the momentum change in the course rising trend lineand as long as this is the case, the hands of the buyers are in momentum.
Ethereum: The ETH/BTC pair is undecided
The last weekwe were talking about one bullish signal For the ETH/BTC pair. Indeed, the pair changed short-term momentum with the above closeness 0.076 BTC :
The course is formed a trianglesign it low volatility and buyers and sellers neutralize each other. This kind of construction leads to variability, but it is difficult to say in which direction. It is dynamic rising in the short term, but the price is still not marked higher than before (0.079 BTC). The couple is under Weekly resistance at 0.08 BTC. So two scenarios:
- Breaking the triangle from above: in the case of closing from above 0.079 BTCcourse may well break weekly resistance with variability.
- Breaking the triangle from the bottom: the price may fall further intermediate support from the range 0.066 BTC.
It broke the urgency lower trend line, may spring upon him in the coming days. It should continue to show bottoms and rising tops. A fence above to begin with 61 RSI will allow momentum to continue. Couple a tidied up After almost two years, can he finally choose a clear direction for the coming months?
Bitcoin attracts capital, threat to altcoins
Bitcoin dominance is on the rise and it’s not not necessarily a good sign for altcoins :
rose to the price level institutional bias (EMA 9/EMA 18). Bitcoin dominance is growing, The king of cryptocurrencies is raising capital. This article explained why altcoins may suffer if Bitcoin dominance rises. If the price of Bitcoin goes up, so will the altcoins, but they will be less efficient than Bitcoin. If the price of Bitcoin falls, altcoins may fall more sharply. Given the speed of Bitcoin dominance, the price is heading towards 2000 44% resistance.
is an impulse rising, troughs and peaks rise. Also, the RSI is moving above rising trend line.
The capitalization of altcoins is changing the dynamics
Thanks to this upward movement the capitalization of altcoins is changing the dynamics :
Altcoin capitalization is rising $440 billion in support and a fence above 495 billion dollars. Thanks to this closure, there is a dynamic again rising short time. Attention, retesting of the “W” neckline is possible. This will test the converted resistance 480 billion dollars in support.
The pace picks up again rise up. It seems that the RSI has managed to break above resistancewe must continue to develop above this zone.
If buyers have shown themselves in the cryptocurrency market recently, the bear market is not necessarily over. As we can see, the volume of transactions in Ethereum is in free fall, it is necessary to recover the upward momentum to see the presence of new participants in Ethereum. Ethereum may pause and return to the “W” neckline level at $1,350. The frequency is changing in the short term, but the price remains below the weekly resistance at $1,900 and below the bearish trend line. Against Bitcoin, Ethereum has the opportunity to definitively break out of the range, but Bitcoin has not had the last word. Indeed, Bitcoin’s dominance is increasing, and this does not necessarily bode well for altcoins. Despite everything, altcoins are starting to rise again, with a market capitalization of $480 billion, leaving significant resistance behind.
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