Ethereum [ETH] Outperforms Other Top Cryptocurrencies in Market Downturn
After a bullish start to 2019, the cryptocurrency markets are undergoing a small retracement over the past two days.
Ethereum has had a particularly bullish end to 2018 and a bullish start to 2019 as it reclaimed its position as the largest altcoin by market cap by overtaking Ripple’s XRP.
Ether is performing strongly on this brief downturn and is outperforming other major cryptocurrencies including Bitcoin and XRP.
Ether has only lost around 1% over the past 24 hours whereas bitcoin has lost over 2% and XRP has lost over 3%.
The uptrend which has been forming since mid-December in Ether could have a role to play in this outperformance.
Traders may be anticipating support coming into play at the upward trendline and buying early resulting in Ethereum holding its value better than other cryptocurrencies.
The 4-hour chart for Ether shows a rising wedge forming between the upward trend line and a trend line which connects the three previous highs.
A rising wedge is a bearish pattern that is more likely to result in a bearish break.
Given the recent outperformance of Ether – if the market can return to rising from here – it seems more likely that Ether will break bullishly from this wedge.
If the market continues to fall, a bearish break is likely, but it is also likely that Ether will continue to outperform other major cryptocurrencies given its bullish price action since mid-December.
- Ether outperforms other major cryptocurrencies including bitcoin and XRP.
- An upward trendline has been forming since mid-December and could have played a role in the outperformance of Ether.
- Rising wedge forming on the four-hour chart which is a bearish pattern but will likely not result in a bearish break if the cryptocurrency market can return to bullish movements.
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