Bitcoin’s volume and domain is increasing, meanwhile, Ethereum, Chainlink and Binance coin cryptosystems are having problems, Santiment analysts said.
The performance of the altcoins has been strongly overshadowed by the great growth of BTC, a behavior that has been repeated historically.
In bull markets, Bitcoin has been the first to experience a volatile rise, and after it manages to mark a high or a historical maximum, then the other participants in the ecosystem take flight.
Analysts expect something similar to happen in the bull cycle we’re witnessing. As long as BTC does not complete its rally, we will hardly see other cryptomonas resume their upward trend.
Bitcoin’s dominance has gone from 56% in mid-September to 63.4% today.
With this growth, there’s evidence of capital migration from altcoins to the largest when it increases; but when BTC falls, the whole market falls as a whole, putting altcoins in a precarious position.
Ethereum should soon recover from Bitcoin so that we see an altseason
The trader with the pseudonym DonAlt, indicated through his Twitter profile that he is trading against Ether.
He assures that if an early recovery of Ethereum against Bitcoin doesn’t occur, a wider setback of altcoins is possible.
In his tweet he states that the ETH BTC pair is approaching relevant support, so there’s a good chance of a rebound soon. If this does not happen, we will see a rather aggressive fall of the alternative cryptosystems.
Overall, we should expect Bitcoin’s volatile rally to cool off so that the others gain ground. A consolidation of the BTC would be an important sign of the beginning of an altseason.
Weekly Ethereum vs Bitcoin chart. Source: TradingView. Weekly Ethereum vs Bitcoin chart. Source: TradingView: TradingView.
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Technical analysis of the price of Ethereum
Still ETH is not bad to look for a yearly high in the near future. Its medium term trend is intact, and it has been maintained during the last weeks trying to resume it, even without much success.
The EMA 8-week and SMA 18-week moving averages are crossed upwards, and working as dynamic supports while trying to start a new bullish momentum.
At the moment there are no bearish signals on the weekly ETH vs USDT chart, but we could see the price stagnate for some time to come.
For the bulls to lose control of the medium term trend, the $310 support must be broken through.
At the top, immediate resistance is at $486. Crossing this level would leave the ground clear to $619.
Weekly chart of the Ethereum price. Source: TradingView. Weekly chart of the Ethereum price. Source: TradingView.
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In this time frame we continue to see a succession of increasingly high and lows, indicating a short-term upward trend.
This trend is being tested, but has not yet been broken. If lost, the price of ETH could be entering the lateral range between $385.30 and $310 again.
The 8-day EMA and 18-day SMA moving averages are still crossed upwards, but approaching the end of the hours due to the challenging behavior of the bears.
The 200-day SMA is currently bullish, supporting Ethereum’s strong gains this year in a trend where the entire market benefited, including Bitcoin.
Daily chart of Ethereum’s price. Source: TradingView. Daily chart of Ethereum’s price. Source: TradingView: TradingView.
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