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It was a bearish start to the week for Bitcoin. Altcoins had a mixed performance at the start of the week with some significant gains in registration and others with losses. Today's price action was the most bearish for the Bitcoin market leader and led to a sharp decline in altcoin sales.
The largest altcoin by market capitalization, Ethereum, has so far underperformed Bitcoin so far this year. To date, Bitcoin has lost 55% of its value this year while Ethereum has lost 73%.
The recent price action seemed to have touched the fund, with the price which scored highest lows since September. Today's launch interrupts the series of lows and returns Ethereum below the $ 200 key mark. Ethereum is currently trading around $ 190 with the 2018 low at around $ 1% to $ 170.
There is a lot of volume behind today's move in Ethereum that shows a real strength for sellers. Even today's candle is forming like a Marubozu candle. A Marubozu candle is a candle with a long body and small or null wicks that show a strong movement in one direction.
Bitcoin's market leader is approaching an important $ 6k level. With Bitcoin holding over 53% of the cryptocurrency market cap cap, a break below $ 6k for Bitcoin will most likely result in a sharp decline in altcoin including Ethereum.
Key Takeaways:
- Ethereum breaks a series of higher lows that have been forming since September and returns below $ 200.
- Today's movements in Ethereum are strongly bearish with a high volume behind the movement and a Marubozu candle that is forming.
- Ethereum currently trades about 1% from the 2018 minimum.
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