Ethereum acts as a ‘hedge’ in Bitcoin price crash as ETH/BTC hits 3-year high
The second-largest cryptocurrency posts dwarfed losses compared to Bitcoin's 21% price decline Saturday.
Auto Added by WPeMatico
The second-largest cryptocurrency posts dwarfed losses compared to Bitcoin's 21% price decline Saturday.
Ethereum price hit a new all-time high in its ETH/BTC pair and a classic technical analysis pattern suggests the altcoin has a lot more upside.
A "bullish engulfing" enters on multi-day charts as BTC price action manages to preserve some of Monday's gains.
Meanwhile, the trading volumes across the crypto’s main instruments dropped by nearly 100% in the same period.
The bullish outlook appears as the ETH price decline stalls near its old Cup and Handle resistance level, now acting as support and thus raising the potential of a strong…
Things are looking up for Bitcoin bulls after the weekend delivers some much-welcomed relief after multi-week lows.
The potential price decline would also mark Ethereum's return to its Ascending Channel support.
Many analysts agree that the "dynamic support" could boost accumulation sentiment in the Ethereum market.
A correction continues for Bitcoin during Friday, but it may not be over yet, and analysts are far from worried.
Bitcoin and altcoins see retracement amid a short-term target of April's all-time highs to act as support for BTC/USD.