Ethereum witnessed a powerful dip on the 24th of December that dropped the price to a new week low which comes after the altcoin market experienced a crash.
Major Signals
Ether is trying to recover from the dip and presently looking to go beyond $600
The sell-off could be attributed to the XRP price crash
The current trend could pose a bullish trend for 20201
Eth price action hasn't been impressive in recent times, with the crypto finding it hard to gain momentum and gain some strength against BTC.
This has affected other altcoins and could continue if the ETH doesn't stand to gain some strength against BTC.
However, the unimpressive performance of ETH might have reached a stop as the dip on the 24th of December looks like the final shakeout before an upward momentum.
ETH is currently trading above $550, which is the low that was set on Thursday, It's trading just 2% below $593.
The pressure of the bulls at this level was powerful. However, whether it will go beyond this point depends on its reaction to $600.
A drop from this level could be bad for the crypto and a break beyond this point could lead to a continuous rise.
Despite the weakness of ether against BTC, some traders believe it is likely to form an upward inverted head and shoulder against BTC.
What do you think about the current price of ETH? Let's discuss this in the comment section.
https://bitcoinist.com/ethereum-could-form-a-massively-bullish-pattern-if-bulls-defend-key-level/
