Ethereum (ETH) move back above $2,000 needed to unleash the altcoins

Table of Contents

The $ETH price has somewhat been in the doldrums when compared to $BTC. For altcoins to run, $ETH must make its move, and soon.

$ETH still bullish?

Source: Trading View

Ethereum is once more back inside its ascending triangle after a second deviation outside. This technical chart pattern is very bullish, and if and when $ETH does finally exit it to the upside the resulting upwards impetus can be quite something.

However, there is still the chance that $ETH gets properly rejected from the $2,000 level and the price comes back down to test the bottom of the triangle. If this should happen, altcoins are likely to suffer as a result, and the bull market will need to be put on hold for a while.

That said, $ETH is staging what could be the beginnings of a turn around; up 0.85% on Friday so far. This needs to continue. Kyle Doops, crypto analyst on the Crypto Banter YouTube channel gave his take today on the following two altcoins.

Curve break out

Z33 ejfd kmTmWDlBeKRxFhUD3w6dHozsgtciZUEbMlo j KcvHLgYzqbIvkiF1Di3AJ4xH mpmTusQlhOeRGDmiGb

Source: Trading View

Curve (CRV) is one of those altcoins with dependence on $ETH. The $CRV price has broken out of the downward sloping trend line, has retested it with a wick, and has also retested the neckline of a W formation at the bottom. $ETH depending, the price looks good for further upside.

Arbitrum holding levels

EHNnv6jjyCUtTyoiSzK TlxqGZ puwKTIi2QIQaU5ZZ45bm36IWl8M2sND3IG5kg 8vsNvznTE9wLy4 VFlwCukcYUfkZ8i71PtaUw YgMC625zr4wGuAeIWKqnIfy84bIeKNJ6V0h9jXW5sXmIqQK8

Source: Trading View

Another ethereum ecosystem altcoin is Arbitrum (ARB), the ethereum layer 2 with the most activity right now. As seen in the above image, the price is moving between levels. A hold of the $1 level could see $ARB heading for $1.30 and from there to $1.70.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source link

About The Author

Scroll to Top