Altcoin prices have dropped significantly over the past week, and investors who were oblivious to bitcoin (BTC) saw that the wallet value was affected.

Initially, the price of Bitcoin Ether (ETH) rallied as higher-rated digital assets overcame the $ 12,000 resistance, but as BTC continued to rise slowly, ether struggled to overcome the $ 400 support.

The loss of momentum in Ether and the correction of the cryptocurrency has led a number of cryptocurrency traders to tweet that the altcoin season is over, and many cite the bearish price movement in the ETH / BTC pair as evidence of this view.

If we look at the weekly ETH / BTC chart, traders will notice that the pair is about to dip below the uptrend line and VPVR node with significant volume of 0.027294.

The loss of this level allows for a further decline to the level of 0.024519, and below the ether is approaching the annual decline to the level of 0.0160.

On the daily timeframe, we see that the 0.032385 loss keeps Ether between the VPVR of 0.032385 to 0.029536.

It looks like the bleeding continues all the way up to 0.029536, but current daylight is starting to form what looks like a double bottom and appears to be an oversold rebound as the RSI rallies from 28 every day. Time limit.

The Signal Line and MACD of the Moving Convergence and Divergence Indicator are still in a sharp decline, and the lack of significant buying volume makes it less likely that a short-term trend reversal is about to occur.

It is possible that if the price of bitcoin enters a period of consolidation in the next few days, the ETH / BTC pair could recover some of the lost profits, but this seems unlikely at the moment.

There is hope for a pair of ETH / USDT

The ETH / USDT pair paints a slightly different picture as the pair continues to make daily higher lows and price action follows the uptrend channel support and resistance trendlines.

Channel support works in tandem with a 100-day moving average, and when Ether can hold $ 400 with $ 405 and $ 417 support, the following hurdles need to be overcome for the alt currency to overcome.

It is very easy to track price movement in upward channels, and the 4-hour chart shows that the MACD converges with the signal line as the sells decline and the RSI rises to 45.

In the short term, it seems possible to move to the midline of the ascending channel at $ 400, but traders still expect this level to be tough resistance. A break from the bullish channel ($ 430) could allow Ether to push beyond $ 468.

If ether falls below 100-MA and moves away from the up channel, there is support at $ 353, $ 330 and $ 315. Losing these levels means traders can expect a steeper drop to $ 248.

Source: CoinTelegraph