2018-7-18 15:50 |
The trend of 2018, so far, has mostly been a downtrend where altcoin performance closely follows Bitcoin. In upward movements, altcoins tended to outperform bitcoin, and in downward movements, altcoins underperform. This makes sense as altcoins represent a riskier instrument than Bitcoin. Bitcoin is the cryptocurrency which has battled through the most trials and tribulations and therefore when the market is falling it is logical that Bitcoin will hold its value the best.
When some renewed optimism enters cryptocurrency or when there is a slight change in sentiment, this usually manifests in some traders moving holdings from Bitcoin to altcoins in search of greater returns. For the largest altcoin, Ethereum, this trend somewhat broke down yesterday. As Bitcoin blasted through prior resistance levels as noted here, Ethereum failed to keep up. Price action in Bitcoin managed to soar through its daily 50EMA right up to trade at the 100EMA point and briefly above.
Ethereum buying pressure backed off even as it approached the 50EMA. Volume was decent but not huge. All-in-all, about a 5% gain for the past 24 hours which is relatively weak, given many altcoin’s prices appreciated in the double digits yesterday.
Today’s trading has been flat so far on low volume and with both price and RSI forming higher lows and higher highs, and the MACD approaching a centreline crossover to the upside, many signs point that the next directional movement will be to the upside. But, there is nothing to say that Ethereum is a better instrument to short-term trade than other cryptocurrencies which have been making larger directional movements.
Ethereum Daily ChartEthereum managed to break through its $480 resistance level on the 4hr and now it looks like $520 will act as the new resistance. With price action trading above the 200EMA on the 4hr, it seems like a golden cross will occur over the next few hours but with the relative underperformance compared to other cryptocurrencies yesterday, it is questionable where the golden cross will have much of an effect.
Ethereum 4hr Chart Key Takeaways: Ethereum underperformed in relation to many of its counterparts yesterday. Bitcoin had about twice the percentage return. Many signs point towards further upward movements such as higher lows and higher highs being formed in price and RSI, and also the MACD approaching a centreline crossover to the upside Key levels on the hourly are $480 as support and $520 as resistance. The golden cross on the 4hr looks like it will form over the next few candles but it is questionable whether it will have much of an effect. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ethereum Price Analysis – Ethereum Gains with Market but Underperforms was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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