Ethereum has had a turbulent week, with most vendors in favor of its recent price action as crypto faced a constant flow of pressure in the coming years after the recent visit of more than $150 of ETH last week.
While all eyes are closely watching Bitcoin’s short-term price action, it is important to keep in mind that an analyst believes that where Ethereum is heading in the next few days is an important guide for other major Altcoins, regardless of BTC can provide.
Ethereum Stuck in a Short-Term Downtrend
At the time of writing, Ethereum is trading only 2% below its current price of $143, indicating a marked drop from its weekly high of $153 that was set a few days earlier.
The rise in ETH above $150 was fleeting, as it seems to be a resistance zone for cryptocurrencies, each trip at this level slows down any momentum and invalidates any sign of the boom.
Currently, ETH is trading at its lowest price of the week, and the lowest sector of $140 has been a significant level of support for ETH since its recent decline to a minimum of $134 at the end of November.
Nick Patel, a popular cryptocurrency analyst, shared his thoughts on Ethereum’s price action in a recent blog post. Noting that its market structure is currently in a recession while struggling to exceed $150.
Will the next ETH movement lead the entire Altcoin market?
Although Patel believes that Ethereum’s next notable move will come as a result of the Bitcoin price action. Another popular crypto analyst explained in a recent tweet that he believes ETH will soon be one of the BTC. He can become a player. Independent.
He also noted that this upward momentum could catch something higher in other major altcoins.
It is very likely that the light can shine in the next hours and days to see if Altcoin such as Ethereum can begin to gain a momentum independent of Bitcoin.