Ethereum is at a pivotal, make or break it moment. While Bitcoin has set a higher low, Ethereum’s higher high implies things are a lot more bullish for the altcoin.
But could a fractal matching the trajectory of the 2019 crypto rally and top hint that the top for the year is in for altcoins?
Top Altcoin’s Higher High Could Be 2020 Top If Patterns Repeat
Litecoin’s halving took the industry out of bear market lows and help to begin the long thaw out of the extended crypto winter. Although altcoins led the rally, Bitcoin eventually stole the limelight, and all the capital out of the crypto market.
During 2019, Bitcoin exploded from $3,200 to $14,000 in just over three months flat. Along the way, Ethereum rallied also, but performed poorly compared to Bitcoin and others.
Related Reading | Eerie Bitcoin Fractal Suggests Ethereum’s Price Is About To Explode Higher
The leftover negative sentiment surrounding the ICO fallout kept Ethereum prices at bay, Sudden fears of regulation spreading due to a change in Binance allowing US customers to trade on its flagship promoted and altcoin apocalypse.
Ethereum fell from a high of $370, back down to $10 higher than its bear market bottom at $80. Now, the top ranked altcoin is trading at the exact same price in an eerily similar pattern.
Could the top of 2020 already be in?
ETHUSD Weekly 2019 Versus 2020 Fractal Comparison | Source: TradingView
Ethereum Fractal Targets $150, But This Time Could Be Different
A fractal taking place two years in a row on ETHUSD price charts could suggest another deep fall for the altcoin and potentially the entire crypto market.
Bitcoin very well could get caught up in any selloff, or another rally like last year could keep the top crypto asset pumping while the rest of the market dumps in exchange for BTC.
Alts would see another apocalypse, and could be in danger of new lows. Some may go to zero.
The big difference this time around, that could cause the fractal – as similar as it is – to play out differently. The previous top is currently acting as resistance turned support. Ethereum is now trading at that same level, but after a fall from $490.
ETHUSD Weekly 2019 Versus 2020 Fractal Comparison | Source: TradingView
The same percentage drop from $490 as the asset fell from $370 the year prior, would result in a retest of support back at $150.
Related Reading | DeFi Effect: Ethereum Network Grows 25% In 2020, Most Addresses Profitable
With how bullish the DeFi space has been, a drop like that in Ethereum seems unlikely. But with risk of the US election, and a stock market bubble bursting potentially dragging down crypto, anything is possible.
Another fractal where the second-ranked crypto asset follows Bitcoin, could also say otherwise.
Tags: altcoincryptoETHethbtcEtherethereumethusdETHUSDT
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