- Ethereum has plunged today despite the strength seen by Bitcoin
- ETH’s ongoing descent has sent shockwaves throughout the market, creating a tailwind that has adversely impacted most other altcoins
- This intense selling pressure isn’t showing any signs of letting up today, but it is important to note that there’s still a chance that an upside movement is brewing
- One analyst is pointing to ETH’s Renko chart with a Guppy indicator, noting that it appears to be entering full-fledged bull territory
- It is imperative that Ethereum rallies soon and gains ground against Bitcoin, or else it could enter a fresh downtrend
Bitcoin saw a sharp influx of buying pressure overnight that helped send it up towards $12,000. Much to many investors’ surprise, this BTC upswing did not bode well for Ethereum and all other altcoins.
The entire crypto market – excluding Bitcoin – is currently seeing an incredibly red day, which is only typically seen during market-wide selloffs where Bitcoin drops as well.
This move indicates that investors are fleeing higher risk assets in favor of BTC, and it remains unclear as to just how long it will persist.
One analyst is now noting that Ethereum is still “just getting started” – pointing to one indicator that suggests it is on the cusp of starting a bull trend.
Ethereum Declines as Bitcoin Takes Charge of the Market
At the time of writing, Ethereum is trading down 3% at its current price of $367. This is around the price at which it has been trading throughout the past few days but marks a sharp decline from its recent $382 highs.
This price action is quite abnormal, considering how closely correlated Bitcoin and altcoins have been over the past few weeks.
It remains unclear as to whether or not this is a single-day occurrence or the start of a much farther-reaching trend.
Analyst: ETH Still Has a Chance of Starting a Real Bull Trend
While sharing his thoughts on Ethereum’s present outlook, one analyst stated that its bull trend is just getting started.
He points to a guppy pattern on the cryptocurrency’s chart, indicating that a push higher is imminent.
“ETH still sitting firmly in ‘we’re just getting started’ territory,” he said while pointing to the below chart.
Image Courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.
How Ethereum trends relative to Bitcoin in the coming few days should provide insight into whether or not a bull trend is imminent for ETH.
Featured image from Unsplash. Charts from TradingView.