Ethereum (ETH) move back above $2,000 needed to unleash the altcoins
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The $ETH price has somewhat been in the doldrums when compared to $BTC. For altcoins to run, $ETH must make its move, and soon.
$ETH still bullish?
Source: Trading View
Ethereum is once more back inside its ascending triangle after a second deviation outside. This technical chart pattern is very bullish, and if and when $ETH does finally exit it to the upside the resulting upwards impetus can be quite something.
However, there is still the chance that $ETH gets properly rejected from the $2,000 level and the price comes back down to test the bottom of the triangle. If this should happen, altcoins are likely to suffer as a result, and the bull market will need to be put on hold for a while.
That said, $ETH is staging what could be the beginnings of a turn around; up 0.85% on Friday so far. This needs to continue. Kyle Doops, crypto analyst on the Crypto Banter YouTube channel gave his take today on the following two altcoins.
Curve break out
Source: Trading View
Curve (CRV) is one of those altcoins with dependence on $ETH. The $CRV price has broken out of the downward sloping trend line, has retested it with a wick, and has also retested the neckline of a W formation at the bottom. $ETH depending, the price looks good for further upside.
Arbitrum holding levels
Source: Trading View
Another ethereum ecosystem altcoin is Arbitrum (ARB), the ethereum layer 2 with the most activity right now. As seen in the above image, the price is moving between levels. A hold of the $1 level could see $ARB heading for $1.30 and from there to $1.70.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
