The crypto markets are stuck within a range, while the Bitcoin price is struggling to combat the bearish heat and sustain above the crucial support. Moreover, BTC dominance is also soaring, which indicates that the star crypto is enjoying maximum attention from traders. As a result, the other altcoins, mainly Ethereum, feared trading within the descending pattern, forming bottoms below $2500 in the coming days.
One of the main reasons for the bearish prediction could be the ETH price trend over the last few weeks. The price began the monthly trade bearishly and closed the following weekly trade similarly. Furthermore, the preceding week was bearish, with the opening price lower than the previous week’s closing price. The trend has continued, with the price opening the weekly trade below the last week’s closing price. These ranges are also considered a ‘bull market support band’ that has been substantiating bearish claims.
This could be a bearish indicator for not only the ETH price but for the other altcoins as well, as the technicals suggest the token may be negatively impacted. A popular analyst, Benjamin Cowen, who has been closely monitoring the ETH price rally against USD as well as BTC, claims that Ethereum may be calling on the bottom again.
The analyst has been bearish on Ethereum for quite a while, and the main reason was the slumping ETH against BTC. Maintaining a steep descending trend, the ETH/BTC is believed to form new bottoms as it closed the weekly trade lower than all prior weekly closes. Therefore, the analyst believes that the levels may go back to April 2021 levels, while the trajectory may flip from bullish at that time to bearish now.
On the other hand, BTC dominance continues to soar high and trade confidently above the bull market support band. This may signal a very big move on BTC that could occur anytime in the coming days. Therefore, with this, the altcoins, specifically Ethereum, may maintain sluggish behaviour and a descending consolidation until massive buying pressure mounts over the token.
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