Bitcoin’s (BTC) price made another new all-time high above $60,000 over the weekend. However, the same cannot be said for Ether (ETH), and the market in general didn’t show much strength thereafter for a continuation. As a result, BTC price has dropped by 7% over the past 24 hours.
During this pullback, ETH also dropped in its U.S. dollar pair. However, the ETH/BTC pair actually saw a bounce. It could be the case that altcoins are attempting to stabilize against BTC while Bitcoin is paring some of its massive weekend gains. Interestingly enough, could this be a prelude to a potentially massive rally for Ether later this year? Let’s take a look at the charts.
Ether fails to break above $1,900
Ether failed to break through $1,900 on March 13, which is essentially the final hurdle before hitting the psychological barrier of $2,000. The entire market is waiting for a clear-cut break above $2,000, and it looks like it has to wait a bit longer.
Since the bottom at $1,300, beautiful support/resistance flips have been seen for more upside. The last support/resistance flip occurred at the $1,740 level, resulting in a rally toward $1,900.
However, Ether’s price came back to this $1,740 level rather quickly. Such a dropdown is a sign of weakness, particularly as multiple tests of key support levels increase the risk of falling further.
In other words, if Ether’s price can’t hold the $1,740 area, the market should expect another leg down toward the $1,500 level.