- Bitcoin has seen some mixed price action of late, with bulls and bears reaching a major impasse as crypto consolidates
- Following its recent dive to less than $ 29,000, the crypto has been seeing some trading on all sides that has made it incredibly unclear as to where it will tread next
- One analyst noted that Bitcoin shows few signs of clear strength or weakness, which is likely to mean that it is certain to see some trading on all sides
- This comes as one major altcoin begins to show tremendous signs of strength – especially against its trading pair BTC
- Analysts are keeping a close eye on Ethereum, as it is about to break out at the moment
Bitcoin has been tempering the rest of the market’s bullishness as of late, with buyers and sellers struggling to take a firm hold on the trend.
While BTC is consolidating in the lower- $ 30,000 region, many altcoins are beginning to flash subtle signs of strength.
One such example is Ethereum, which has largely been tracking Bitcoin price action as of late. However, this trend has begun to shift to ETH’s favor, as the crypto is holding up well compared to BTC and flashing a bullish technical pattern on its ETH / BTC chart.
Bitcoin Consolidates Following Recent Volatility
At the time of writing, Bitcoin is trading down just over 2% at its current price of $ 32,170. This is about the price it has been trading at since its price plunged below $ 29,000 a few days ago.
After tapping lows of $ 28,800, the crypto soared to highs of $ 34,000 before slipping lower and stabilizing around its current price.
This has caused the whole market to see only temperate growth, with a few altcoins rallying while many stay afloat.
Analyst: ETH Strength Against BTC Suggests Massive Upside is imminent
Bitcoin consolidation may be beneficial to the aggregated altcoin market, as one analyst now does indicating that Ethereum could be ready to explode higher thanks to strength against its Bitcoin trading pair.
This could allow the aggregated altcoin market to rally higher independently of BTC.
“In my previous post I said that BTC looks like it will go sideways. Meanwhile $ ETH / BTC looks like this … This chart type makes me want to go all in. Many alts actually look amazing against BTC. “
Image Courtesy of Byzantine General. Source: ETHUSD on TradingView.
The next few days should shed light on how altcoins like Ethereum will trend against Bitcoin, as any massive BTC rally or dive could hamper the momentum of its smaller counterparts.
Featured image from Unsplash. Charts from TradingView.