Ethereum, one of those rare Altcoins that have made it big in the crypto market in the present scenario, is perhaps going through a terribly bearish trend.
One can never deny the fact that Ethereum has shown up one of its best performances this year and gave a tough competition to other altcoins. However, the ETH price doesn’t seem to gain momentum since the incredible highs of Bitcoin.
The present market witnessed a major downtrend channel forming with resistance at 0.0280BTC. This was noted from the 4-hour chart of the ETH/BTC pair.
Well, as far as the analysts’ opinions are concerned it is firmly believed that the ETH/BTC pair remains in a really strong downtrend and therefore might even trade below the 0.0280BTC mark.
Since its already known that the insane high of Bitcoin as it crossed the $11,000 ended up affecting many altcoins. Unfortunately, it turns out that Ethereum is also one of those Altcoins.
Therefore, not only a bearish move was observed in ETH to BTC but also a sharp decline below the key 0.0300BTC support area.
Speaking about the future of ETH, if it fails to overcome this downtrend and climb above the 0.0280 level against Bitcoin, there is a high probability that the firm will come across more losses.