ETH Tests Resistance

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Ethereum is continuing to ride support downward as it now attempts to test an upper resistance.

Following dips from broader financial markets and BTC, ETH and the altcoin sector have struggled over the last week. However, much of the cryptocurrency market is up over 5% today after bottoming out early yesterday. If this support is held, and consolidation continues it could be a good thing for BTC.

Volume is currently dipping a bit and the MACD is continuing to swing upwards. ETH’s MFI is currently remaining fairly neutral. If ETH is able to break resistance here and form a new support, it could poise itself for a breakout. The overall cryptocurrency market cap is currently at around $1.65 trillion. The overall cryptocurrency market’s volume is currently around $111 billion. BTC dominance is currently at 42% and ETH dominance is currently at 17.6%.

ETH’s ratio to BTC has dipped significantly as BTC starts to steadily outpace ETH on the daily candle chart. This isn’t too surprising though, considering that during and after dips BTC dominance will often increase. This results in ETH dominance and altcoin dominance usually taking a bit of a hit. As it stands, it would not be too surprising to see ETH continue this downtrend in its ratio if support isn’t found and maintained soon.