The price of Ether faces a potential correction of 30% after failing to cross $ 400

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The momentum of the cryptocurrency market has returned to Bitcoin (BTC) recently as BTC’s dominance and trading volumes have increased with its price. In this regard, the main altcoin indicator, Ether (ETH), is not doing well as ETH / BTC has dropped 30% in the past couple of months.

Now, many cryptocurrency traders are asking when altcoins will bottom out and start to rise again. Let’s take a look at what the graphs show.

Ether that stays above 100 weeks and 200 weeks MA

1 week ETH / USD chart. Source: TradingView

The weekly chart is showing an accurate range, as the Ether price failed to break through the $ 450 resistance zone. However, some bullish indicators are also seen on the charts.

One such bullish indicator is the turn of the 100 and 200 week moving averages (MA). These MAs are often seen as a crucial indicator of bullish / bearish sentiment in the markets. As the price of Ether broke through the MAs in the previous months, it can be said with confidence that this cryptocurrency is in bullish territory.