For months and months, Ethereum (ETH) has been in the trenches of a bear trend. Even in 2019, when global markets saw near-record gains and Bitcoin gained 90% in 12 months, the second-largest cryptocurrency by market capitalization posted a loss, managing to underperform effectively everything.<\/p>\n
And since peaking near $1,400 at the start of the bear market in 2018, the cryptocurrency has fallen by literally 90%, crumbling under the pressure of a market recentralizing in BTC.<\/p>\n
But, according to a prominent cryptocurrency trader, the macro downtrend may soon end, if Ethereum can break this one key level that is.<\/p>\n
Prominent cryptocurrency trader Dave the Wave recently noted<\/a> that while Bitcoin’s strong pump has pushed Ethereum and its ilk higher today, ETH remains a far way from a macro downtrend line that has constricted upward price action for over a year now.<\/p>\n He noted that for ETH to break this downtrend, it will need to push around 35% higher from current levels and surmount $202, which would allow it to break past a number of key resistances, leaving it in the open air.<\/p>\n One the maximalists won't want to see. Will ETH beat BTC in breaking out it's macro downward trendline? pic.twitter.com\/O8Xwvp1UjH<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) January 14, 2020<\/a><\/p><\/blockquote>\n\n