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For most of last month, Bitcoin stalled the altcoin market relentlessly as its dominance reached 60%, its highest level in seventeen months. An inevitable cooling and a setback for Bitcoin are expected, but will traders return their profits in fiat or will they choose cheaper alternatives such as Ethereum?
Ethereum Sill On The Floor Price
Ethereum is gathering for the moment, but the long-term situation still shows that ETH prices are depressed by mid-2017, down 84% from the unprecedented high of 1,400 $. Comparatively, Bitcoin has almost doubled in six weeks and is only 60% below its peak price.
Ethereum reached $ 400 in June 2017 and again in early September, but spent a lot of time swinging between $ 200 and $ 300. It really started in December of this year at a short rally that was down again in mid-January.
Since then, Ethereum has received nearly 94% of its capital, or $ 85 in mid-December 2018. It has shown limited signs of recovery, but has been criticized by the performance of other companies such as Litecoin and Binance Coin. That could change everything when Bitcoin corrects and traders look for cheaper alternatives. Crypto Trader written by the nickname "CryptoFibonacci";
"It makes sense, with the money that some people have earned with the BTC, they will naturally return to beaten altars that they like." The key here is to see what reacts well and what does not work. Many of these Alts will not be here in a year, so be careful, IMO. "
It makes sense, with the money that some people have earned with CTB, they will naturally go back to the upset alts that they like. The key here is to see what reacts well and what does not work. Many of these Alts will not be there in a year, so be careful, IMO.#BTC
– CryptoFibonacci (@CryptoFib) May 15, 2019
Ethereum would be a good choice as it still has huge potential and massive upgrades are planned for later this year. Add to that its low price and we could witness a rapid increase of $ 300. Other traders such as 'The Crypto Dog' wrote "I am currently $ ETH / $ USD long. #Ethereum currently at resistance, if it can break this high range, I think we'll see $ 240 very soon. The next target after that: $ 300.
Ethereum is currently at resistance just above $ 200, but could go further if it can be broken due to a short-term exit from Bitcoin. "Crypto Fib" added;
"Get closer to a major resistance. But it also forms an ascending triangle. We are expecting a return here soon, but we will go further after. "
$ ETH Daily chart.
Get closer to a major resistance. But it also forms an ascending triangle. We are expecting a return here soon, but then we will see it later.#ETH #ethereum pic.twitter.com/OCsugcazCZ
– CryptoFibonacci (@CryptoFib) May 15, 2019
At the time of writing these lines, Ethereum was experiencing one of its best days in 2019 with a 10% hike, from just over $ 200 to $ 220, according to Coinmarketcap.com . Daily volume reached $ 13 billion and ETH's market capitalization reached $ 23 billion, its highest level in seven months. Ethereum is slowly moving away from the ground, but much remains to be done for the second largest cryptographic asset in the world.
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