I am having a look at the Ethereum market versus Bitcoin to try and get a sense of what we are up against. Getting a birds eye view with the 1 Day candle chart to analyze the Eth price action.
As you can see the market is still experiencing growth against Bitcoin since December last year. We can also notice a clear bearish trend on the medium term for the market. This is playing into a classic triangle that we have seen so many times in crypto over the last few years.
I am interested to see which side of the triangle we test next should big bro Bitcoin decide to push prices past 8k. Ethereum seems to be struggling with their network again this week and I would imagine the prices might reflect that, as we have seen in the past. This is not the worst problem to have, and in the longer term it could very well boost the Ethereum price, like it did in the past.
Looking at the technical side I see solid support around 0.072 btc, and I would wait for lower prices should that support zone fail. Resistance is strong above 0.079 btc – 0.08 btc, the bulls need to work hard to get us above that, before we will see further gains against Bitcoin.