The SEC is back – THE financial police of the Securities and Exchange Commission (DRY) found a new prey to kill: the Filecoin (FIL). Regulation continues in the United States, and the Grayscale fund intends to defend the project. For his part, the ethereum price evolves around $1,800, but buyers are struggling to rekindle the bullish momentum. With the fall in the correlation between Bitcoin and Ethereum, can the price of the leader of altcoins take advantage of it to start rising again?
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Ethereum price drops slightly in 24 hours (-0.7%)
Ethereum and altcoins have struggled to express themselves for several months, and the trend appears to be continuing. However, the ethereum price climbs from 2.5% in one week.
In 24 hoursthe price is slightly in the red with a decrease of 0.7%. The price has been rising slightly since three months. It shows an increase of approximately 7%. The ETH/BTC pair has been stabilizing for three months. The course of the pair 8% drop in six months. Could Ethereum take advantage of its decorrelation with BTC?
Correlation between Bitcoin and Ethereum has been falling since the end of 2022
We know it. Bitcoin is the king of cryptocurrencies. Therefore, the altcoins are often highly correlated to BTCexcept during the rare phases called thealtcoin season. By moving from Proof of Work (PoW) to Proof of Stake (PoS), theETH is in the process of change behavior.
There correlation between ETH and BTC was close to 100% at the end of 2022, then it gradually fall until reaching 77%. This divergence could be only the beginning of a decorrelation between the two flagship assets of the cryptocurrency market.
So the Bitcoin could consolidate its status as safe investment, digital gold. For its part, theEther could become an asset in its own right which could develop without worrying about developments in Bitcoin. He will probably continue to be the altcoin leader.
Ethereum Price Retests $1,770 Support Again
For the moment, the price of Ether is struggling to break the resistance at $1,850. As a result, the price is back at the support level at $1,770.
The lesson could bounce off the support and close above the last peak brand at $1,847. A close like this would relaunch momentum with bottoms and rising tops. In this case, the course could break the resistance at $1,850 and return to the level of the next resistance at $1,930. On the other hand, if the support gives way, the price could drop to the support at $1,650.
The RSI is developing above the bullish trendline. If the RSI manages to develop above 57, the bulls could take advantage of the bullish momentum to regain control of the course.
There correlation between the Bitcoin and theEther falls for many months. This divergence could continue, and bitcoin could continue to be seen as a safe haven. In the future, Ethereum could develop its ecosystem without worrying about the king of cryptocurrencies. For now, the correlation remains strong, and the price of theETH must keep the support at $1,770 short term.
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