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It was bullish trading for the crypto market, with Ethereum leading the rally after the Altcoin found support at the $2,025 price region we made mention of in a previous analysis Bitcoin Bearish Breakout. Ethereum Crashing Too!
This price bounce in Ethereum slows down the current crypto sell-off we are experiencing and increases the potential for us to see a bullish reversal in currencies like Bitcoin in the coming days.
In this cryptoanalysis, we will be talking about the key levels we are watching on both the Ethereum and Bitcoin charts and what we expect might happen next.
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Bitcoin Still Bearish
Even though we had a bullish day in Bitcoin today, the cryptocurrency is still very bearish and trading below our $35,629 key resistance. As far as this resistance holds, we can expect to see Bitcoin price continue to trend lower in the coming days.
We talked more in-depth about the pattern forming on the 1-hour timeframe in the previous analysis. In that Bitcoin Price prediction, we warned about the Bitcoin short-term levels to watch as well as the rising wedge channel Bitcoin is currently trading in Bitcoin Price Analysis – What’s Happening on The Hourly Timeframe?
What Does This Mean For Altcoins?
Even though Bitcoin is still very bearish, it is important to note that Ethereum just found support and is rallying back up as we speak.
And while Bitcoin still holds a very large crypto market cap, most Altcoins are on the Ethereum network and therefore impacted more by the move in the Ethereum price. And right now that move is bullish!
If this $2,025 support holds, we can expect to see Ethereum’s bullish trend continue to drag the Altcoin market up with it.
However, if this Ethereum support level gives way, we might see the general crypto market sell-off continue in the coming days.
Final Verdict!
Ethereum is bullish after it found support at the $2,025 price level, but how long will this bullish support last especially now that Bitcoin is gradually becoming very bearish for the short term.
If this Bitcoin sell-off continues, we expect it to affect Ethereum dragging the price back below that $2,025 support. But until that happens, the Ethereum bulls have a fighting chance and in the coming days, we will see if they take it.
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