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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets

The Future of Altcoins May Depend Entirely on Ethereum’s Reaction to a Key Level

Cole Petersen
by Cole Petersen
4 years ago
·
Posted in Altcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • It’s no secret that Ethereum holds heavy influence over the altcoin market, with its price swings and general trend often influencing that of smaller altcoins
  • Where they trend in the near-term may largely depend on Ethereum’s reaction to $600, as this has long been a key level for the cryptocurrency that has hampered its growth
  • Breaks above here have been fleeting, with sellers largely controlling the region between $600 and $620
  • A firm break above here and a flip of $600 into resistance could send altcoins rocketing higher
  • One analyst is now pointing to the cryptocurrency’s Bitcoin trading pair, explaining that he is watching for its reaction to a key level to tell where the altcoin market is going to trend in the mid-term

Ethereum’s price action has been holding serious sway over the DeFi markets as of late, with its general trend guiding that of this smaller market fragment.

It has also gained influence over other parts of the market as well, with the overall state of most major altcoins generally being correlated to that of Bitcoin and Ethereum.

That said, one analyst is now closely watching for Ethereum to see further bullish follow-through before he dives deeper into altcoins, noting that he is closely watching to see how the crypto responds to one key support level.

Ethereum Struggles to Break $600 Despite Market-Wide Strength 

At the time of writing, Ethereum is trading down marginally at its current price of $585. Last night, bulls attempted to send it past $600 in tandem with Bitcoin’s move to $19,600, but the selling pressure here proved to be significant.

This is the crucial level to watch in the near-term, as flipping this into support is imperative for ETH to see any significantly further mid-term upside.

It also faces some intense resistance around $620, making this another key level to watch closely.

Trader: ETH Needs to Defend Key BTC Support for Altcoin to Rally 

One trader is closely watching Ethereum’s Bitcoin trading pair for insight into its near-term outlook.

He notes that a defense of a key near-term support level could confirm its strength and open the gates for altcoins to rally higher.

“ETH: One week later and not much happening here. I still have light exposure to alts – but essentially waiting to see if ETHBTC breaks down, offering a deeper pullback presenting a buying 0.26 – 0.27 levels. Simultaneously looking for buy the dip opportunities on alts.”

Ethereum

Image Courtesy of TraderXO. Source: ETHUSD on TradingView.

So long as it holds up against Bitcoin in the near-term, there’s a strong possibility that Ethereum could soon provide some serious tailwinds for altcoins to rally higher.

Featured image from Unsplash.
Charts from TradingView.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Cole Petersen

Cole Petersen

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Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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