ETH Consolidating in its Ratio to BTC

Neither this post nor any other post on cryptofal.com should be taken as financial advice. It is not.

Currently, ETH is finding support in its ratio to BTC.
It’s currently testing an area of support that has held strong since November. The MFI is struggling to solidify an uptrend, however it should be noted that it is bordering oversold territory. The MACD is looking like it could continue swinging downward. It will remain to be seen if it can maintain this high level of support in its ratio to BTC. It should be noted that ETH is currently testing levels of resistance in its ratio to BTC that haven’t been seen since 2018.

The overall cryptocurrency market is currently just above $2.2 trillion with the overall volume below $100 billion once more. ETH dominance has taken a slight dip to 20% with BTC dominance holding at 40.4%.

BTC is attempting to find a higher support on its daily chart, with a fairly volatile past couple of days. The MACD is swinging downwards, and so is the MFI. If BTC is able to hold this area, this could be a bullish sign. However, if the MFI and MACD continue to trend downward, we could see price dips continue.