Bitcoin’s recent round of consolidation has led to mixed performance amongst most major altcoins, with XRP making gains on the day while other altcoins like EOS and Ethereum are seeing tempered gains.
Analysts are now seeing the potential upside with a lot of bigger cryptocurrencies with one prominent analyst noting that both Ethereum and EOS are getting close to pushing ahead of their weekly resistance lines, which could result in even MORE gains being made.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Ethereum’s Big Break
So for Ethereum, where could a big break of upwards movement take it? One popular crypto analyst, The Cryptomist explained that an upwards break above resistance could lead Ethereum to skyrocket towards the range of $200.
“$ETH: Back within the ascending triangle that we temporarily broke out of. If this support fails we will see $174 as previous[ly] mentioned. Breakout would see $202.”
The dominance bitcoin has over the market is phenomenal and it is just one more factor that you should keep an eye on in the near-term, as any rally with major altcoins will more than likely be triggered by a recession in the dominance of Bitcoin’s shadow.
Over the next few days, it will be interesting to see how altcoins like EOS and Ethereum are going to be faring and it could provide us with some insight into whether or not the altcoin space will keep on consolidating or if a big movement is just around the corner.
For more news on this and other crypto updates, keep it with CryptoDaily!