Bad News for Bulls: Ethereum Breaks its Interrelation with Bitcoin

February 22, 2020 184

Ethereum

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Ethereum current price has closely tied to that of Bitcoin in the time as it confronted a refusal at its latest highs of $290, with its failure to further outspread its parabolic uptrend signaling that bulls may not be as powerful as they were earlier thought to be. Furthermore, adding to this bearishness, the close interrelation with BTC has begun to degrade, while ETH indicating weakness signs as the benchmark crypto identifies great support within the lower-$10,000 region.

The bearish sign indicates that Ethereum might experience minor losses in the near term, whereas its mid-term remains bright.

Presently Ethereum is trading down below 7% at its present price of $261, which symbolizes a significant decline from regular highs of around $285 that was set at the peak of cryptocurrency’s latest rally.

Luke Martin, one of the popular crypto analysts on Twitter stated the Ethereum’s underperformance of Bitcoin, notifying his followers about ETH’s lack of elevation despite BTC’s stability indicates that further downside is looming.

“I expected alts to do well again this week as $BTC bounced. Entered $ETH & $EOS yesterday. The momentum has stopped for both. Not a good sign that the correlation broke down. Going to take the L on both as they drip -3%. Hopefully get a chance to buy lower. I expected alts to do well again this week as $BTC bounced.

Entered $ETH & $EOS yesterday. The momentum has stopped for both. Not a good sign that the correlation broke down.

Going to take the L on both as they drip -3%.

Hopefully get a chance to buy lower, stated Luke Martin.

Alex Kruger, an economist whose prime focus is on cryptocurrencies disbelieves that it will eventually demonstrate to be a bearish catalyst. Alex notes that as per his perspective, $290 is a positive sign for traders to add to their spot positions and suggests that it will extend its mid-term uptrend.

Many talking about the double top on the Ethereum daily chart as a bearish signal. But most double tops fail. In fact, chart-wise, in my book, $290 is a buying/adding spot, not the contrary. I’ll share how so later today as rather busy now.”

Many talking about the double top on the $ETH daily chart as a bearish signal. But most double tops fail. In fact, chart-wise, in my book, $290 is a buying/adding spot, not the contrary. I’ll share how so later today as rather busy now, stated Alex.

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Published on February 22, 2020 by Ankit Bansal
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  • USD
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  • EUR
  • JPY
  • GBP
  • bitcoin
    Bitcoin(BTC)
    $6,835.651.07%
  • ripple
    XRP(XRP)
    $0.1790.011%
  • ethereum
    Ethereum(ETH)
    $143.811.38%
  • eos
    EOS(EOS)
    $2.350.619%

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