After a bullish start until 2019, cryptocurrency markets are undergoing a small retracement over the past two days.
Ethereum had a particularly bullish up until 2018 and a bullish start until 2019 as it recovered its position as the biggest market capitalization hurdle by outperforming Ripple's XRP.
Ether is proving very performing in this short recession and is outperforming the other major cryptocurrencies including Bitcoin and XRP.
The ether lost only about 1% in the last 24 hours while the bitcoin lost more than 2% and the XRP lost more than 3%.
The uptrend that has been forming since mid-December in Ether could have a role to play in this outperformance.
Traders could anticipate the support that will come into play at the uptrend line and buy early, with Ethereum holding its value better than other cryptocurrencies.
The 4-hour chart for Ether shows a growing wedge that is formed between the up trend line and a trend line linking the three previous highs.
An emerging wedge is a bearish pattern that is more likely to result in a bearish break.
Given the recent outperformance of Ether – if the market can return to rise from here – it seems more likely that Ether will break off from this wedge.
If the market continues to fall, a bearish break is likely, but it is also likely that Ether will continue to outperform its other major cryptocurrencies, given its bullish price action since mid-December.
- The ether exceeds the other major cryptocurrencies including bitcoins and XRPs.
- An upward trend has been forming since mid-December and may have played a role in Ether's outperformance.
- The wedge increase on the four-hour chart, which is a bearish pattern, but will probably not result in a bearish breakdown if the cryptocurrency market can return to bullish movements.
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