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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Has Potential to Surge Higher as Bitcoin Slows: Analysis

Nick Chong
Nick Chong
5 years ago
2 mins read

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All eyes may be on Bitcoin (BTC), but an analyst is suggesting that it may be time to pay Ethereum (ETH) some heed. The second-largest cryptocurrency has struggled alongside BTC as of late, falling by a similar amount to the market leader.

Like Bitcoin, ETH is stagnating, though technical indicators suggest impending volatility for the asset. And fortunately for bulls, the market’s bias seems to be leaning in the upward direction, not downward.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Ethereum Ready to Break Out? 

Popular technical analyst Crypto Thies recently reminded his followers to keep an eye on ETH. In a post published on Friday night, he noted that with the Directional Movement Index (DMI) and Volume Moving Average at historic supports, volatility may be had.

W/ the attention on #BTC, keep an eye on #ETH.

DMI & VolMA at historic support, suggesting looming volatility.
Price @ $185
Bull case invalidated at $160
Bear case invalidated at $215 & $241$BTC.D looks like its deathbed

Support zones and resistance zones listed on chart. pic.twitter.com/KwOoaTBrMl

— Crypto Thies (@kingthies) November 9, 2019

While Thies did not indicate in which direction he expects for Ethereum to head — he just laid out the facts and let readers decide — there seems to be a bigger presence of bullish technical indicators on the charts he posted: his proprietary Market God signal flashed a one-day buy signal, which is something that has preceded strong surges higher in the past, and flashed a sell signal for the  12-hour Bitcoin dominance chart. This implies ETH will have some strength in the coming weeks.

Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Market Explodes, Huawei CEO Skeptical of Blockchain, FBI Wary of Cryptocurrency

Also, the asset’s fundamentals have remained strong, despite the downturn seen over the past few months. As reported by this outlet previously, Ethereum-based “decentralized finance” has quickly exploded; Defipulse.com reports that there is over $650 million worth of assets locked in that facet of ETH.

There is also a record amount of Ethereum at 2.42 million, or 2.2% of the entire supply locked in DeFi. The site also reports that there is $30 million worth of Dai stored in DeFi which is almost a third of its supply now that it has reached the milestone $100 million.

Dependent on Bitcoin’s Price Action

It is important to note, however, that Ethereum’s price action is mostly predicated on that of Bitcoin, as the leading cryptocurrency determines in which direction the entire market will head. Indeed, if BTC heads higher, so do altcoins; the opposite is also true. So — what’s next for Bitcoin?

According to a number of analyses, some short-term weakness, which will play out for Ethereum too. Per previous reports from NewsBTC, analyst Neko remarked that Bitcoin’s “bullish volume looks extremely weak” and that BTC has broken crucial support at $9,000, implying a drop further. He added that with Mondays typically being “bloody,” a drop to the $8,000 region is entirely possible.

https://twitter.com/CryptoNekoZ/status/1193249364396756997

Related Reading: Is Bitcoin Really Doomed? Analysts Skeptical of Bear Bias After $400 Drop
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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