Ethereum remains stuck below resistance at $1,680 – While Coinbase launches Base, its layer 2 on Ethereum, the price of Ethereum (ETH) does not react. At the moment, it remains stuck under the resistance at $1,680, but the buyers are not letting go. In this context, altcoins remain timid, far from the standards of the year 2021. bearmarket seems to be taking a break, but are cryptocurrencies out of the woods? Can altcoin leader Ethereum lead the way? Let’s look at the clues left by the graphs!
Buyers fail to break resistance at $1,680
On a weekly basis, buyers’ objective is to find a bullish momentum closing above the last high at $2,000. However, the resistance at $1,680 held up for several weeks. Buyers managed to make a brief move above this level in August, but since then resistance has pushed price action back. Recently, the institutional bias (EMA 9/EMA 18) served as dynamic support during :
The course faces a dual resistance with the presence of the bearish trendline. Indeed, this trendline has been rejecting the price since the end of 2021. It will be necessary to go above it to find colors on this asset. From now on, the price must close above $1,740 to send a continue signal in unit of time 3 days. If this scenario plays out, the price could quickly reach the next resistance at $2,400. In case of failure at the level of the bearish trendline, the price could return to the level of the next support located at $1,270 (-25%).
The RSI is moving well above the bullish trendline. You will have to find a bullish momentum closing above 64. As long as the RSI is above the bullish trendline, the price can continue to move higher. We will have to be extremely vigilant in the event of a break in this trendline.
In the short term, Ethereum is at the level of the bracket at $1,650 :
The primary trend is bullish in this time unit. Since January 14, Ethereum has entered a tidy between $1,515 And $1,650. As the price makes some deviations above $1,650he failed to break the resistance at $1,725. Indeed, the price does not manage to close above this important level, because each return to this level generates a rejection.
For the moment, the course is at the level of the bracket at $1,650with a bearish institutional bias. It will take a buying reaction here, and a breakout of the level at $1,725 to be able to restart the primary trend. On the other hand, in the opposite case, the price could return to the level of the bottom of the range at $1,515 (Red Arrow). The RSI showed a bearish momentum from the entrance in the range. It looks like the dynamic is changing. Indeed, the troughs and peaks become ascending again. Initially, it will be necessary for the RSI to develop above the zone of neutrality.
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Ethereum against Bitcoin: upcoming rise?
The primary trend of the ETH/BTC pair is bullish. However, since May 2021, the pair has entered a tidy between 0.06 BTC And 0.08 BTC. More recently, the course navigates between 0.079 BTC And 0.065 BTC :
Recently, the price has been rejected at the level of the 9 and 18 moving averages. The price may soon return to the level of the intermediate support of the range. In the event of a fence above 0.073 BTC, the price could return to the level of the top of the range. Whatever happens, it will be necessary to break the range from the top to find colors on the leader of the altcoins. If this scenario plays out, Ethereum would outperform Bitcoin, and altcoins could benefit.
On the RSI side, the bearish trendline holds up for now. However, if the RSI manages to develop above the zone of neutralitythe momentum could return to bullish. The definitive break of this trendline could bring bullish volatility. Be careful though, the trendline could reject the price again…
The dominance of Bitcoin in indecision?
Bitcoin has been attracting capital for a few months. However, the price is blocked at the level of the 44% resistance. In fact, the course is located between two important levels for the future: 44.8% And 43%. Here is the graph:
The price is struggling to exceed the weekly resistance at 44%. Recently, price has bounced around the 9 and 18 moving averages, but the top at 44.8% has not been exceeded. The bullish scenario would be to close above 44.8%. If this scenario takes place, the price could return to the level of the weekly resistance at 47%. In this case, Bitcoin would continue to attract capital, and altcoins would struggle to perform. On the other hand, if the price breaks the level at 43%A double top would materialize, and altcoins could take advantage of it. We will have to wait to see the decision made by the course.
At the momentum level, the RSI is still moving above the bullish trendline. As long as this is the case, the price can rebound. A fence above 65 would relaunch the bullish momentum. Otherwise, a fence below 56 could challenge the trend.
The capitalization of altcoins is still bullish?
The capitalization of altcoins has been on the rise since the end of 2022. Therefore, a return to the level of weekly resistance at $670 billion seems possible:
The price rebounded at the level of the institutional bias upward oriented. The price is slowly approaching the weekly resistanceand some bearish trendline at $670 billion. However, after a nice rise that started at the end of 2022, the price could take a break. There dual resistance could slow down the course. The price will need to close above the last high at 700 billion dollars to find a uptrend weekly.
The momentum is encouraging, it is still evolving above the zone of neutrality materialized by the area in green. It will be necessary to continue to mark troughs and ascending peaks to maintain a bullish momentum on momentum. Therefore, the RSI should close above 67.
To conclude, the capitalization of altcoins is on the rise, but it is close to finding an important resistance around $670 billion. Also, altcoins are struggling to perform, as can be seen in particular with the leader of altcoins failing to break the resistance at $1,680. To restart a bullish momentum in 4H timeframe, Ethereum must close above $1,725. The ETH/BTC pair is in a bullish primary trend. However, the pair has been stuck in a range since May 2021, it will be necessary to wait for the price to make a clear decision on whether Ethereum can continue to outperform Bitcoin. In the meantime, only the strongest altcoins perform. This is the case ofB OK For example.
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