Ethereum keeps falling steadily against its Bitcoin counterpart.
The coin was able to bounce during the last days and even break through its long-term downtrend. However,buyers were unable to sustain the bounce and sellers were able to bring the trend back below the downtrend, forming a bull trap.
This short-term sell-off is backed up by a rising volume, showing a strong selling pressure.
Therefore we expect the leading altcoin to test back its year lows sitting at 0.017 and lower.
As the leading indicator of the altcoin sphere, Ethereum is sending a very bearish signal to the altcoin investors.
Therefore, after a brief relief, we expect Bitcoin's dominance to start rising again, along with Ethereum's one falling.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
The coin was able to bounce during the last days and even break through its long-term downtrend. However,buyers were unable to sustain the bounce and sellers were able to bring the trend back below the downtrend, forming a bull trap.
This short-term sell-off is backed up by a rising volume, showing a strong selling pressure.
Therefore we expect the leading altcoin to test back its year lows sitting at 0.017 and lower.
As the leading indicator of the altcoin sphere, Ethereum is sending a very bearish signal to the altcoin investors.
Therefore, after a brief relief, we expect Bitcoin's dominance to start rising again, along with Ethereum's one falling.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .