Bitcoin price topped $6,000 and the majority of altcoin turned red. Is Bitcoin’s increasing dominance stealing Ethereum’s thunder?
ETH-BTC 4-Hr Chart
After topping out at 0.031402 ETH price 00 took a bearish turn and dropped to the lower arm of the falling wedge to set a new low not seen since December 22, 2018.
For those looking to the ETH-BTC pairing as the indicator of Ether’s price action, this is less than pleasant news but the ETH-USD 00 4-hour chart shows that the 61.8% Fib retracement level ($167.50) could provide support. $173.25 is proving to be significant resistance.
ETH-USD 4-Hr Chart
The RSI is flat in neutral territory and the MACD is crossed and also descending into a neutral zone. Volume has screeched to a halt and its possible that traders are watching from the sidelines and BTC fights to hold its recent victory over $6,000 and the majority of altcoins are in the red.
Above $173.50 ETH could stage a run to $180 again and a drop below $167.50 (50% Fib retracement level) could see ETH revisit the…