{"id":406999,"date":"2019-12-11T23:00:20","date_gmt":"2019-12-11T23:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=406999"},"modified":"2019-12-11T22:21:02","modified_gmt":"2019-12-11T22:21:02","slug":"ethereum-could-be-the-defining-factor-that-guides-other-altcoins-claims-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-could-be-the-defining-factor-that-guides-other-altcoins-claims-analyst\/","title":{"rendered":"Ethereum Could Be the Defining Factor That Guides Other Altcoins, Claims Analyst"},"content":{"rendered":"
Ethereum has had a turbulent week, with much of its recent price action favoring sellers as the crypto has faced a steady stream of downwards pressure in the time following ETH\u2019s recent visit to over $150 earlier this past week.<\/p>\n
Although all eyes are closely watching Bitcoin\u2019s near-term price action, it is important to note that one analyst believes that where Ethereum heads in the coming days could provide significant guidance to other major altcoins, regardless of BTC.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down just under 2% at its current price of $143, which marks a notable decline from its weekly highs of $153 that were set just a few days ago.<\/p>\n ETH\u2019s climb above $150 was fleeting, as it appears that this is a resistance region for the crypto, with each visit to this level slowing any momentum and invalidating any signs of bullishness.<\/p>\n Currently, ETH<\/a> is trading at its lowest price of the week, and the lower-$140 region has been an important support level for ETH in the time following its recent drop down to lows of $134 in late-November.<\/p>\n Nik Patel, a popular cryptocurrency analyst, shared his thoughts on Ethereum\u2019s price action in a recent blog post<\/a>, in which he notes that its market structure currently remains bearish as it struggles to break above $150.<\/p>\n \u201cFor ETH\/USD, market structure remains bearish with support turned resistance at $150 capping price. The next area of support is $130. I expect that Ethereum is awaiting Bitcoin\u2019s next major move before picking a direction,\u201d he said.<\/p><\/blockquote>\nWill ETH\u2019s Next Move Guide the Entire Altcoin Market?<\/strong><\/h2>\n