Ethereum, which has fallen to the level of $ 2900 with the decline of Bitcoin in recent weeks, has seen levels that it has not seen since September.
ETH, which is called the “father of altcoins”, suffered a 40 percent pullback from its peak, so all other cryptocurrencies were also negatively affected. In particular, other altcoins waiting for a signal from Ethereum upset their investors with decreases of up to 70 percent.
ETH, which rose again above the $3300 levels with the rises in the last 2 days, gave a sigh of relief to all altcoins.
The most important resistance point for Ethereum in this process is the MA100 (green line), which comes from $ 3526 as of broadcast time. Especially if ETH can close the candle above this level in the 4-hour period, the upward momentum can be expected to increase further.
In such a scenario, it is highly possible to see rises in other altcoins.
On the other hand, BTC dominance, which has regressed below 40 percent with the recent rises, also shows that money flows to altcoins and the possibility of rise is stronger.
Other key resistances are seen at $3650 and $4000.
In the scenario of Bitcoin experiencing a sudden drop and the market being drenched in blood again, the most important support levels to follow in ETH are the $3100, 3000 and $2940 levels.
Candle closures, especially below $3000, may trigger the price to drop to $2700.
In this context, closings above the MA100 can be followed for new purchases, as the risk in Bitcoin has not completely passed. Or, in case of a decrease, it can be bought in parts close to the $ 3000 levels and stopped below this level in hard breaks.