It has long been established that the Altcoin market generally performs better whenever Bitcoin enters a sideways ranging market. And right now we are seeing this scenario occur on the Bitcoin chart.
Altcoins are generally known to perform better during a ranging Bitcoin market.
The Bitcoin price has continued to contract and trade within a converging triangle pattern. We talked more in-depth about this pattern as well as the best way to trade it in our previous Bitcoin analysis “Important Bitcoin Pattern Forming Right Now. Breakout Imminent!“
The ETH/USD pair is one of the biggest Altcoin gainers from this current ranging markets. The pair has surged more than 90% in this month alone and is currently testing its ATH at $1,422.
If the ETH/USD price breaks through and closes above that $1,422 ATH, we can expect to see the bullish run in the Altcoin to continue, pushing Ethereum to as high as $1,500 0r even $2,000.
However, if the ETH/USD price fails to break through this ATH, there is a very high probability that we might see more bearish weakness come into the market and a likely sell-off in the coming days.
ETH/USD Bearish Price Target
The first price target we will be watching for this potential bearish sell-off would be the $748 support region. This region served as a minor resistance in the past and might come into play again in the coming days.
If price fails to find support there, then we might see a deeper crash to the $411 next support region.
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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin and Ethereum chats as well as key fundamental factors that might affect the Bitcoin price in the coming days.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read our How To Trade Bitcoin Guide. You can also check our top list of Best Bitcoin Exchanges To Trade With