With Bitcoin leading the charge in the crypto market and further cementing its place as the leading digital asset in the sector, Ethereum has followed suit. With the latest digital asset market movements showing that Bitcoin is presently recovering from a dip in bearish momentum, Ethereum follows suit. With these latest movements, analysts have noted their great concern for Ethereum’s recent bearish run. Even though the digital asset has recovered and is now trading in a near bullish momentum, analysts and experts are still alarmed.
The bulls are still providing support to Ethereum
Recent showings in the market have proved that Ethereum is gradually leaving the shadows of Bitcoin and making a move for itself in the market. The latest movement also shows that Ethereum has left its latest consolidation phase and is presently eliminating an underperformance that has always registered against Bitcoin. Ethereum is currently enjoying life above the $1000 price mark.
After several movements, the bulls have formed strong support and has seen the digital asset recover from a recent dip in price. Experts are now worried that the bulls might not sustain Ethereum above this price level as several factors contribute to the digital asset’s recent price movement. Factors against the price of Ethereum making a surge include the high funding rate present among several investors and traders and the leverage that is taking place in the market.
Taking a look at its price action, Ethereum is presently selling at $1,050, which is just a 7% increase from its previous price. Ethereum initially made a declining run in the market overnight to sell at $720, making a rough decline from the previous highs of $1,170.
Analysts say Ethereum move will depend on Bitcoin
Analysts have mentioned that the next price movement of Ethereum is mostly hanging in the direction that leading digital asset, Bitcoin, will trade at next. If Bitcoin continues way above the $30,000 price mark, Ethereum would be primed for a bullish run. If Bitcoin goes under, it will spell trouble for the second digital asset according to market capitalization. While Ethereum encountered a bearish run during the night to move below its previous support level of $890, traders and investors could spark the rebound due to the market’s selling pressure.
A famous pseudonymous analyst has said that he is still watching the price movement of Ethereum and is trying to determine the pattern that the coin would trade next. He also noted that the recent rejection shows that the price is not stable, and only investors could help the price regain momentum. The analyst also notes that if there is selling pressure in the Bitcoin market, it could mean that Ethereum would ride on its tailwind.