The bears continue to dominate the market here in early 2019 and all coins are struggling to escape. It’s been a near miracle if a coin has consistently reported in the green and down right strange if the market sees a spike.
Bitcoin has been able to remain above its near $3,600 resistance level but has remained unable to do much else. The macro patterns for the market are still bearish. But over the past 24 hours we have seen a token break away from the Bitcoin band wagon and been to exhibit micro bearish trends. I’m talking about Ethereum of course.
Just a short time ago Ethereum regained its #2 position back from XRP after losing its standing for over a month. While most other coins are going through a short down turn, Ethereum has remained reporting in the green with a 1.08% gain over the past 24 hours out performing XRP and Bitcoin.
The majority of other coins have reported losses between 1% and 2% over the past 24 hours.
Since mid december there has been a slight uptrend in the market that has prevented additional major declines. Because of this uptrend, traders may be expecting ongoing support in the market. With Ethereum’s current bullish trends, it may be the best bet at this time for traders.
Market analysts currently believe that Ethereum will break out bullishly if the market continues its current uptrend.