The second-largest crypto, Ethereum is trying very hard to regain its dominance within the crypto space after it dropped hard to 17.62% earlier. On the other hand, the ETH prices are consolidating pretty hard within narrow ranges.
This eventually mirrors the previous phases of the bull trap that were followed by a huge plunge. Therefore, the experts believe the prices may be subjected to a significant jump, but may end-up drowning in a deep bearish well ahead.
Ethereum price with the recent upswing had regained the position above $2000, but very quickly dropped, yet sustained above $1900. From the past couple of hours, the asset is experiencing very less volatility and hence one can expect a significant drop ahead.
However, a popular analyst compares the price of Ethereum with that of BTC dominance and predicts that another ‘big purchase’ could happen soon which may uplift the price to $2400.
The analyst here pen’s down 3 key points:
- As the BTC dominance is slowly rising, Ethereum price may not rise high during bitcoin’s rise but could fall drastically with a slight drop in BTC price
- Considering the current consolidation which is just below the trend line indicates the possibility of manipulation by the long traders’ stop-loss levels. Therefore, the price may break out the upward pressure and slowly begin to range high
- However, the volume may play a significant role in indicating the upcoming swing as the risen bars often indicate the buyer’s momentum
Despite the bullish scenario hovering around the ETH price, the analyst believes the asset may not make it to the next target between $2750 to $2850. As the BTC dominance is rising, most of the altcoins may go weak. It has also to be noticed that Ethereum(ETH) prices also have tasted the bottom recently.
And hence the altcoins are expected to rise only when the Bitcoin price forms a new ATH. This may happen when a large number of traders and investors return to the market. No doubt the timeline is still uncertain but only after a new ATH, one can expect a strong Ethereum price rally along with a strong Altseason.
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