The $ETH rally has become a damp squib as fears of a big price correction grips the crypto market. $ETH looks as though it might be losing its latest up trend. Is it time to get out?
A strong $ETH is vital for altcoins
When the conversation is about an altcoin season, one of the major factors for this to happen is a strong uptrend in the price of $ETH. From around mid-October of 2023 this was the case, as $ETH broke through major resistance at $2,000 and then at $2,130.
The rally continued on up and touched resistance at $2,700 before being rejected and coming all the way back to the bullish trend line. This was a 79% rally, and while $ETH was mostly outshone by $BTC and a lot of the other altcoins, it wasn’t a bad gain for the number two cryptocurrency.
Source: Coingecko/Trading View
$ETH rally in danger
This rally is in danger, as the price is currently consolidating below the trend line. The break has already been confirmed by a daily candle closing below on Wednesday, and now T
We współpracy z: https://cryptodaily.co.uk/2024/01/ethereum-eth-on-the-brink-once-again
