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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Reaches Bedrock Support Against BTC as Sellers Run Out of Fuel

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Ethereum is in the process of trying to reclaim its key $380 support level following a brief dip below it earlier today.

The cryptocurrency has been struggling to gain any momentum despite the intense strength seen by Bitcoin as of late, which is currently grinding up towards its key resistance at $13,800 as buyers maintain full control over its price action.

Although BTC and ETH have been highly correlated in the past, they are now trading fully independent from one another.

This correlation only returns when BTC is showing signs of weakness, which places immense pressure on Ethereum.

The weakness seen by ETH as of late is particularly transparent while looking towards the cryptocurrency’s Bitcoin trading pair.

One analyst is noting that ETH/BTC has now reached a bedrock support level that he has been watching for quite some time. A strong defense of this level could confirm it as a long-term bottom and help catalyze a strong rebound in the days ahead.

Conversely, a break below this level would be dire.

Ethereum Struggles to Match Bitcoin’s Momentum as Bulls Try to Reclaim $380 

Earlier this week, Bitcoin faced a dire rejection at $480 that caused its price to see some immense short-term weakness that has since been erased.

Before this rejection, Ethereum was stable within the lower-$400 region. The subsequent BTC decline to lows of $12,800 caused ETH to reel all the way down to lows of $370.

It is now in the process of trying to reclaim its $380 support level but remains well below its multi-week highs of $420, while Bitcoin is just a stone’s throw away from setting fresh 2020 highs.

It is unclear when or if there will be a rotation of capital out of the benchmark cryptocurrency and back into altcoins.

Trader: ETH Reaches Critical Support Level

One trader explained in a recent tweet that Ethereum has now reached what he describes as a crucial support level on ETHBTC that he has been watching for quite some time.

He said that he is now lightening up on his bearishness and will reassess once the monthly candle closes tomorrow.

“I’ve been short biased (&short) ETH for quite a while now anticipating weakness into the monthly close. That has largely played out. Now that we’re hitting supports on the ETHBTC chart I’m going to lighten up and reassess once the monthly chart has actually closed.”

Ethereum

Image Courtesy of DonAlt. Source: ETHUSD on TradingView.

Unless Bitcoin dives lower in the near-term, there’s a possibility that Ethereum will start bottoming out and recoup some of its recent losses.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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