Bitcoin rules the cryptocurrency market – In a few weeks, the update Shanghai will arrive on Ethereum, and this could help to push the price up. ETH tries to break the resistance at $1,700. The resistance has been rejecting the price for several months. Currently, the Bitcoin is the boss. It continues to attract capital. Altcoins are struggling to perform, like the Binance Coin which remains stuck under the resistance at $330. Will the rise of Bitcoin allow a rotation of capital towards altcoins? What are the key levels on Ethereum and altcoins? Let’s look at the clues left by the graphs!
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Ethereum finally breaks resistance at $1,700
Ethereum analysis in 3 days
The course ofEthereum (ETH) is always located below the weekly resistance to $1,900. However, the bulls show up and try to break the resistance at $1,700.
THE institutional bias (EMA 9/EMA 18) is always bullish. It could again serve as a dynamic support in the days to come. The buyers’ objective now is to close above the last high at $2,030, in order to break the resistance at $1,900. Indeed, a close like this would change the dynamic on a weekly basis. On the other hand, it is necessary to avoid passing below the resistance that has become support at $1,700. This would be another failure, and the price could then fall to last trough marked at $1,370.
The RSI recovered to the level of the bullish trendline. Buyers should take advantage of this to regain momentum with ascending lows and highs. As long as the trendline is maintained, the bulls will control the momentum.
In 4 hours, Ethereum price should stay above $1,780
In the very short term, the price is oscillating between $1,830 and $1,715.
The price of ETH has the possibility of bounce the level of bullish institutional bias. In the event of a rebound, the price could reach the next resistance at $1,875. On the other hand, if the support at $1,775 gives way, the price could return to the level of the next support at $1,715. In this case, the bulls will have to do everything to avoid closing below the last trough at $1,710. For the moment, the dynamic East bullish short term.
The RSI remains stuck below the bearish trendline. Therefore, the technical indicator would need to regain momentum with bottoms and tops rising beyond the downtrend line.
The ETH/BTC pair sends a bearish signal
Bitcoin is currently the asset that attract capital in the cryptocurrency market. Ether, the leader of altcoins, is in the process of underperform the king of cryptocurrencies.
The pair has been in a range since May 2021 between 0.06 and 0.08 BTC. Recently, the price closed below the last low at 0.0655 BTC. Also, the price is below the support. Buyers need to react quickly to avoid going back to the bottom of the range. For the moment, the moving averages 9 and 18 are oriented on the decline. They could serve as a dynamic resistor. The pair will have to recover if we want to see the altcoins express themselves fully.
THE ROI is always bearish on the ETH/BTC pair. It connects troughs and descending peaks. Moreover, the RSI does not manage to return durably above the bearish trendline.
Bitcoin is attracting capital, dominance is at the weekly resistance level at 47%
Bitcoin rules the cryptocurrency market. Indeed, Bitcoin attracts capital and dominance Bitcoin finds itself, once again, at the top of the range.
The dominance of Bitcoin is in a tidy between 40 and 47%. Currently, the course is at the level of the resistance at the top of the range. Therefore, if the resistance breaks, Bitcoin will continue to attract capital. If price falls below resistance, then capital could flow into altcoins. THE institutional bias is oriented on the rise. It could serve as a dynamic support. For altcoin enthusiasts, the price should mark a double top at the resistance level.
THE ROI is in a resistance zone. The last time the indicator was at this level, the price fell sharply. However, the RSI is moving above the bullish trendline. As long as this is the case, the dynamic can continue.
Altcoin capitalization stalls at the bearish trendline
As explained in the previous section, altcoins are struggling to express themselves, as Bitcoin attracts capital. For now, capitalization blocks at the level of bearish trendline initiated in November 2021.
The price of the capitalization of altcoins is in contact with the bearish trendline. This one must yield to find the course at the level of the resistance at $670 billion. If the course is done dismiss here it could return to the level of the support at 480 billion dollars. With altcoins already struggling to express themselves, this would be a blow. Whatever happens, it will be necessary to break the weekly resistance at $670 billion to find colors on altcoins.
THE ROI try again to break the resistance zone at 57. We should review a bullish momentum with ascending lows and highs above resistance. To start, the RSI would have to move above 67.
Ethereum tries to break the resistance at $1,700. To regain some bullish momentum on a weekly basis, buyers are going to have to push to close above $2,030. There shanghai update arrives in april. Could the price continue to climb until then? For now, the altcoin leader has struggling with bitcoin. The ETH/BTC pair is falling. Bitcoin continues to attract capital. Indeed, the dominance of bitcoin increase. She’s back at the r47% weekly resistance. In fact, for lovers of altcoins, it would be necessary to prevent the resistance from yielding. The capitalization of altcoins is moving at the level of the bearish trendline, an important resistance zone. Whatever happens, it will be necessary to break the resistance at 670 billion dollars to find colors on the side of altcoins. THE altcoins being weak, if BTC is falling, they might fall very heavily.
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