Is Ethereum Still Bullish?
According to Trading View, Ethereum has returned inside its ascending triangle after deviating outside for the second time. This is a bullish technical chart pattern, and if Ethereum exits to the upside, it could result in a significant upward momentum.
However, there is a possibility that Ethereum gets rejected from the $2,000 level and the price comes back down to test the bottom of the triangle. If this happens, altcoins are likely to suffer, and the bull market will be put on hold for a while.
Ethereum is showing signs of a turnaround, with a 0.85% increase on Friday. Kyle Doops, a crypto analyst on the Crypto Banter YouTube channel, shared his take on two altcoins today. You can watch his analysis here.
Curve Breakout
Curve (CRV) is an altcoin that depends on Ethereum. The price of CRV has broken out of the downward sloping trend line and retested it with a wick. It has also retested the neckline of a W formation at the bottom. Depending on Ethereum, the price looks promising for further upside.
Arbitrum Holding Levels
Another ethereum ecosystem altcoin is Arbitrum (ARB), which is currently the most active ethereum layer 2. As seen in the image above, the price is moving between levels. If ARB holds the $1 level, it could head for $1.30 and then to $1.70.
Hot Take: The Future of Altcoins
The future of altcoins heavily depends on Ethereum’s performance. As Ethereum shows signs of a potential turnaround, altcoins like Curve and Arbitrum are positioned for further growth as well.
The $ETH price has somewhat been in the doldrums when compared to $BTC. For altcoins to run, $ETH must make its move, and soon.
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