The ETH/BTC pair loses the bullish momentum, and therefore affects the crypto market, specifically altcoins that may then lose value against Bitcoin.
Last week’s upward trend enters a new scenario as the crypto market slows down and the ETH/BTC pair loses the bullish momentum. With the bearish structure for Ethereum, the altcoins may find themselves on the losing end against Bitcoin.
Bitcoin (BTC) currently trades at $5,432.69. It dropped by three percent from $5621.71, the highest price recorded on Wednesday, April 24, which also happens to be the highest so far this week.
The BTC/USD pair experienced a price dip yesterday morning, which could be attributed to the bearish ETH/BTC pair.
The MACD on the four-hour chart yesterday hinted this behavior. The chart showed the line accelerating from $5,300 to $5,600, and signaled a downward movement. The BTC/USD slid and settled right above the $5,400 territory. It remained on that level until the opening on Thursday, April 25.
The ETH/USD currently trades at the $164.09 price level. The pair has been playing along the $164 – $165 level since Wednesday, April 24. Yesterday’s Ethereum (ETH) price dropped from $172 after losing the favor from EMA50 and SMA100.
During a four-hour chart yesterday, ETH/USD pair had the first resistance level at $170 (EMA50 and SMA100) and the second resistance level at $180 (price congestion resistance). The third resistance level was at $190 (price congestion resistance).
The DMI hinted that bears would dominate the market as the bulls shifted down below the ADX line.
Ripple (XRP) is currently trading at the $0.2992 price level. There was a major drop a few hours after midday yesterday, showing a significant fall toward the end of the Asian session.
Yesterday’s four-hour chart showed that the bears dominate the market and the bulls dropping way below the ADX line. This scenario is similar to what happened to the XRP/USD pair in November last year.