As Bitcoin (BTC) retests a lower price range of around $66.6K, Ethereum’s price dropped by over 2% to trade below its critical resistance level
Ethereum’s price dropped over 2% to trade below its critical resistance around the $2,675 range. The recent downturn is due to Bitcoin’s sudden crash, which took the second-largest cryptocurrency and the rest of the crypto market down with it.
Despite Ethereum’s declining performance and volatility, its market capitalization stands at $316.6 billion, maintaining its position as the second-largest cryptocurrency.
Source: TradingView
Notably, its technical indicators suggest that the price of Ethereum is retesting a critical neckline resistance around the $2,800 mark of an inverted head-and-soulder pattern. Moreover, the divergence in the daily Relative Strength Index (RSI) is rising. Interestingly, if the price of ETH manages to close above the $2,800 mark in the coming week, it will trigger a rally towards the $3,000 mark.
The ETH token did not retest the rising trendline on the weekly scale. This could mean an impending correction on the horizon before the anticipated parabolic run. The next Ethereum price action could heavily depend on Bitcoin. Notably, the broader cryptocurrency market could follow the precious metal industry, with Gold rallying to a new all-time high.
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