The price of bitcoin (BTC) reached a new all-time high above $60,000 over the weekend. However, the same cannot be said for Ether (ETH), and the market as a whole has not shown much strength to continue after this. As a result, the price of BTC has fallen by 7% in the past 24 hours.
During this downturn, the ETH also fell in its USD pair. However, the ETH/BTC pair has seen a rise. Maybe altcoins are trying to stabilize against BTC now that bitcoin is losing some of its huge weekend gains. I wonder if this could be a precursor to a possible massive rally for Eater later this year? Let’s look at the graphs.
Ether may not exceed 1900.
Chart 4 hours ETH/USDT. Source: TradingView
Ether did it on the 13th. March failed to break the $1,900 mark, which is the final hurdle to breaking the psychological $2,000 mark. The entire market is waiting for a clear breakout above $2,000 and it looks like it will have to wait a little longer.
From the low at $1,300, good support/resistance points have been seen for further upside. The most recent move between support and resistance occurred at $1,740. The rally from $1900 led to a rally from $1900.
However, the price of Eter returned to the $1,740 level fairly quickly. Such a decline is a sign of weakness, especially since a multiple test of key support levels increases the risk of further declines.
In other words: If the price of Ether fails to stay near $1,740, the market should expect further downward movement towards the $1,500 level.
ETH/BTC holding steady
1 day ETH/BTC chart. Source: TradingView
Fortunately for the bulls, the ETH/BTC pair has held up well against the recent decline in the price of BTC, finding support in the 0.029-0.031 area. However, if this area of support is lost, the next support will be found at 0.025-0.0275 sat. In particular, this level is essential to support the current bull market cycle.
At the same time, the chart shows that altcoins are not increasing steadily. They often undergo sharp corrections, and ETH/BTC has been in correction mode since February.
Nevertheless, the design itself remains intact and valid, with new bottoms and tops printed all the time.
3 day ETH/BTC chart. Source: TradingView
The ETH/BTC chart is still bullish. Higher lows have been consistently in play since the summer of 2019, resulting in an overall bullish trend.
Such upward movements include consolidation phases. But as long as the higher low structure remains, the bullish structure remains. Therefore, it is important to pay attention to the margins discussed earlier, namely the range between 0.025 and 0.0275 sat.
A strong push for Ether is likely as Eth 2.0 gets closer to its release date, which should help solve some of the problems of scale and high transaction costs. Until then, the confusion and negativity surrounding the project must continue.
Traders need to understand, however, that periods of negative market sentiment are generally the best time to enter, rather than enter or FOMO when the market is overheated.
Possible scenario for ether price
Chart 3 hours ETH/USDT. Source: TradingView
Aether’s current critical values are between $1,700 and $1,740. Testing higher resistance levels should be done as long as this support area is down. However, the crucial resistance for the breakout lies in the range of $1,830-1860.
However, a move above $1,830-$1,860 is unlikely in the short term as market sentiment has changed in recent days. I hope resistance is confirmed here, after which Ether could see another corrective move towards $1,500.
The next big wave of momentum could come after this period of consolidation and contraction is over. This wave of momentum should drive the ether well above $2,000. However, patience is required and investors should understand that developments take time, both in terms of fundamentals and pricing.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every stage of trading involves risk. You should do your own research before making a decision.
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