Ethereum price data analysis shows that the ETH/USD pair price is stagnant at three hundred dollars ($300) while the queen of cryptocurrencies fails to sustain past the resistance.
The crypto market has managed to bounce back from the setbacks it faced in 2018 as the market cap rises steadily after the crypto winter. Most of the cryptocurrencies are at the same or higher point than they were before the market collapsed.
Anytime Bitcoin goes green all cryptocurrencies soon follow suit, however, this time around things is changing. Bitcoin has managed to reach yearly highs above twelve thousand dollars ($12000) after breaking key resistances and is predicted to go much higher before the year ends.
On the other hand, Ethereum and other cryptocurrencies started the year with strong but are struggling to maintain key support areas and are struggling, both against the US dollar and Bitcoin.
As the focus continues to shift on Bitcoin Ethereum, XRP and other cryptocurrencies will continue to struggle and may even hit newer lows. Bitcoin’s Dominance in the crypto market cap continues to increase.
Ethereum was able to break above two hundred and sixty-four dollars ($264) and reached highs at three hundred and thirty-four dollars ($334) but could not establish key supports and slid below. The crypto’s price is hovering at around two hundred and ninety dollars ($290) where the current support level is found.
This move not only put Ethereum in a bad position but also crushed hoes for any altcoin season that was expected to arrive.
The main reason is the fact that many people are dumping off their altcoins for Bitcoin and this has caused instability in the market.
However, more disturbing is the fact that the price action of Bitcoin is diverging from altcoins. Previously whenever Bitcoin rose altcoins rose even higher however, if Bitcoin continues to diverge and manages to stay distinct the market will see further fluctuation and possibly another crash as well.