As Bitcoin continues to under perform, one would expect Ethereum and other altcoin markets to bounce back and recover. Instead, only Ethereum seems to be picking up the momentum as it gallops towards the $140 range and beyond while most other altcoins are disappointing their backers.
Ethereum picks up momentum
As the usual entry point for new users of cryptocurrency and the very first cryptocurrency, Bitcoin is universally considered the king of all cryptos. As such, most altcoins loosely follow the leading market trends of Bitcoin prices. But for the time being, people are paying more attention to Ethereum as the date of its newest hard fork approaches closer.
Ethereum was due for its landmark Constantinople hard fork in mid-January 2019 which it was postponed to a later date at the end of February. As speculations and overall market activities grow, the price of Ethereum surpassed a key resistance point of $132 and is seemingly heading towards $140.
This is in stark contrast to the prevailing bearish trends in the Bitcoin market as the price of Bitcoin has slid from the $4200 range to sub $3700 since mid-January. This is despite the fact that Bitcoin is having its first green month since July 2018.
In a tweet from NewsBTC, a leading blockchain news provider there are references to the weekly technical analysis from Ayush Jindal, a senior market analyst about this gain in momentum of Ethereum prices.
Ethereum Price Weekly Analysis by @AayushJs: ETH sharply climbed higher against the USD & is now placed in a bullish zone above the $114 & $112 support levels, with the next key resistances being $124, $125 & $132. https://t.co/N1yGFRnPTk
— NEWSBTC (@newsbtc) February 10, 2019
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