The second-largest has been successful in maintaining a price above the $2k mark but, is still a long way ahead of Ethereum.
The recent crypto crash has impacted the second largest currency as much as other assets. At the time of press, ETH is maintaining a price above $2k. Data from the CoinMarketCap shows that ETH is trading with little change in price over the last 24 hours. However, just like BTC, ETH has lost almost 40% trading volume in the past 24h. Despite maintaining a crucial $2k price level, a long way ahead of Ethereum. Let’s explore the technical side.
A long way ahead of Ethereum
1H timeframe shows that ETH is moving in a descending triangle. The descending triangle is a bearish pattern so we can see downward movement for a while now. We are in a downward trend with heavy sell-offs; We have 2 ways ETH breaks, 1 the price goes sideways short term then it will likely break to the south; the second one is a short term bullish reversal.
There is a lot of FUD in the market, so let the market take a clear direction and then invest in it. Things could get really ugly if BTC nosedives to $20k because the whole market will follow. DYOR.