Ethereum Runs Out of Steam as Bitcoin Dominance Rises

Ethereum Runs Out of Steam as Bitcoin Dominance Rises

Bitcoin price topped $6,000 and the majority of altcoin turned red. Is Bitcoins increasing dominance stealing Ethereums thunder?


ETH-BTC 4-Hr Chart

After topping out at 0.031402 ETH price 00 took a bearish turn and dropped to the lower arm of the falling wedge to set a new low not seen since December 22, 2018.


For those looking to the ETH-BTC pairing as the indicator of Ethers price action, this is less than pleasant news but the ETH-USD 00 4-hour chart shows that the 61.8% Fib retracement level ($167.50) could provide support. $173.25 is proving to be significant resistance.


ETH-USD 4-Hr Chart


The RSI is flat in neutral territory and the MACD is crossed and also descending into a neutral zone. Volume has screeched to a halt and its possible that traders are watching from the sidelines and BTC fights to hold its recent victory over $6,000 and the majority of altcoins are in the red.

Above $173.50 ETH could stage a run to $180 again and a drop below $167.50 (50% Fib retracement level) could see ETH revisit the recent swing low at $156.


ETH-USD Shorts


ETH-USD longs have seen a slight uptick after dropping to 350k from an April all-time high of 581k. Meanwhile, ETH-USD longs are on the decline after rising slightly over the past two weeks.

As mentioned previously by Bitcoinist, Ethereums recent run to $180 could have been propelled mainly by the news of the CFTC considering the approval of ETH futures, the possibility of Microsoft debuting products that utilize Ethereum blockchain, and the upcoming Consensus 2019 conference.


ETH-USD Daily Chart


ETH price is bearish for the short term but has exhibited bullish behavior on every pullback since the end of April. While the 4-hour and daily ETH-USD charts are still relatively bullish.

Traders should still keep an eye on the ETH-BTC pairing to watch for a trend reversal.

At the time of writing, ETH is below the 20-MA on the Bollinger Band indicator but finding support at the 61.8% Fib retracement level. A close glance at the 4-hour chart shows ETH tends to stack gains after overtaking the 20-MA so setting an alarm for $170 would mark ETHs cross above this MA.

Do you think ETH will recover to overtake $180 this week?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platformevolve.markets.

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

The post Ethereum Runs Out of Steam as Bitcoin Dominance Rises appeared first on Bitcoinist.com.

09.05.2019 / 12:50 16
Ethereum Guns for $200 as the ETH-BTC Pairing Turns Bullish Ethereum Guns for $200 as the ETH-BTC
ETH looks ready to have another go at tackling the $200 resistance and traders are wondering if the current surge the result of positive news or a
Bitcoin Price Prediction: BTC Bulls Waiting On Sidelines To Go Big Bitcoin Price Prediction: BTC Bulls
Bitcoin price struggled to break the $5,190-5,200 resistance area and declined against the US Dollar. The price revisited the $4,940 support area and
Ethereum Price Analysis: ETH Shadowing Bitcoin Price Action Ethereum Price Analysis: ETH Shadowing
The past week was quite entertaining and clearly, there has been a monumental shift in investor sentiment. Lets take a look at Ethereum price
Weekly MACD Histogram Most Bullish Its Been Since Bitcoin Price Was Over $13K Weekly MACD Histogram Most Bullish Its
The moving average convergence divergence (MACD) is a lagging indicator many analysts use to track longer-term trend changes in assets across a
Ethereum Price Analysis: ETH/USD Facing Significant Resistance Ethereum Price Analysis: ETH/USD Facing
Key Highlights ETH price was not able to break higher and it is currently trading below $275 against the US Dollar. There is a significant bearish
Ethereum Price Analysis  Plus Cardano, XRP and Binance Coin Ethereum Price Analysis Plus Cardano,
As usual, altcoins have been negatively impacted by Bitcoins recent downturn, but all is not lost. As Bitcoin and altcoins become oversold,
Comments (0)
Add a comment
Comment on