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Ethereum and the ETH/USDT pair has taken the market by storm over the past few weeks, outperforming Bitcoin considerably as shown by the multiple weeks of green on ETH/BTC.
That being said, ETH/BTC is not yet in a weekly uptrend and the volume is slowing down significantly, suggesting this leg up may be ready for a retracement.
Add to that the fact that ETH/BTC’s current value of 0.078 is a value which it has struggled to get above multiple times ever since May 2021.
ETH/USDT is also showing signs of a slowing down in momentum. The RSI has struggled and failed multiple times to reach the overbought area despite multilpe higher highs in price. The daily chart has printed an inverted hammer candlestick which is arguably the most bearish candle of the past few weeks. The price is nearing the psychological $2000 resistance and we have previous market structure showing many pivot points around this price, suggesting the bulls may be slowing down here. Finally, the price action is in the pattern of an ascending wedge which is typically a bearish pattern.
0:00 Ethereum Crypto Market Update
2:03 Ethereum Crypto Ecosystem
2:48 Bitcoin BTC Dominance Dropping
3:13 ETH/BTC Resistance Zone
4:13 Five Signs Indicating an ETH Slowdown
6:18 ETH Price Prediction
9:04 Final Thoughts ETH TA
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