The Bitcoin price (BTC) reached a new full-time high and exceeded $ 60,000 over the weekend. However, the same cannot be said for Ether (ETH), and the market as a whole has not yet shown much strength to continue. As a result, the price of BTC has fallen by 7% in the last 24 hours.
During this decline, the ETH also fell against the US dollar. However, the ETH / BTC pair has already experienced a rebound. Altcoins may try to stabilize against BTC, while Bitcoin cut some of its huge profits at the end of the week. I wonder if this could be the forerunner of the potentially large Ether crowd later this year? Let’s look at the graphs.
Ether cannot exceed $ 1900
On March 13, ether failed to overcome $ 1,900, which is in fact the last hurdle before the $ 2,000 psychological barrier was overcome. The whole market is waiting for a clear break over $ 2000, and it seems that it will have to wait a little longer.
From a low level of $ 1,300, there were nice swings in support / resistance for further gains. The last reversal of support / resistance occurred at $ 1,740, resulting in a gain of around $ 1,900.
However, ether quickly returned to the $ 1,740 level. Such a drop-down menu is a sign of weakness, especially since several tests of important support levels increase the risk of further decline.
In other words, if the ether price cannot hold around $ 1,740, the market should expect a new fall to the $ 1500 level.
ETH / BTC solved
Fortunately for the bulls, the ETH / BTC pair held up well during the recent fall in the BTC price, and found support in the 0.029-0.031 range. However, if this support area is lost, the next support will be located in the SATS range 0.025-0.0275. In particular, this level is necessary to maintain the current beef market cycle.
Meanwhile, the chart shows that altcoins are not growing all the time. They often face major adjustments, and ETH / BTC has already been in adjustment mode since February.
However, the design itself remains intact, with high lows and high peaks still being printed.
The ETH / BTC chart still looks optimistic. The endurance of high downturns has been observed since the summer of 2019, which marked the beginning of a general upward trend.
These bullish trends have periods of consolidation. But as long as the structure of the higher lichens remains intact, the ascending structure remains in place. Therefore, it is important to observe the previously discussed areas, namely in the range from 0.025 to 0.0275 points.
As the Ethereum 2.0 release date approaches, there is likely to be strong momentum for Ether, which will help solve some of its scaling issues and high transaction costs. Until then, RD & D (fear, uncertainty and suspicion) and negativity will probably surround the project.
However, traders should be aware that periods of negative market sentiment are usually the best times to enter, rather than entering or FOMOing when the market overheats.
Possible Ether price scenario
Critical areas for ether now range from $ 1,700 to $ 1,740. Tests of the mentioned resistance levels should take place as long as this support area remains below. However, the critical resistance for a breakout is between $ 1830 and $ 1860.
However, a breakout of the $ 1830-1,860 level is not likely in the short term, given that market sentiment has shifted in recent days. If resistance is confirmed here, Ether may face a new corrective move against $ 1500.
The next big moment may come after the consolidation and squeezing period is complete. This momentum will push Ether over $ 2000. However, patience is key, and investors need to understand that things take time, both fundamentally and wisely.