After a significant surge, Ethereum's price has decreased by over 6%, remaining around $3,133. Investors focus on key levels and potential growth opportunities.
Ethereum Price Decline
After an impressive bullish breakout last week, Ethereum's price has significantly declined. The leading altcoin, with a market valuation of about $377 billion, has dropped over 6 percent since Tuesday to trade around $3,133 on Thursday, November 14, during the mid-New York session. However, the fear of a major crypto capitulation has significantly declined as Bitcoin entered its price discovery phase.
Expert Analysis
Ethereum recently confirmed the resurgence of bullish sentiment after successfully rebounding from the 200-weekly moving average. For the first time since the August 5 crypto crash, Ether has consistently closed above the crucial support/resistance range between $2,800 and $2,900. Crypto analyst Michaël van de Poppe reminded investors that the altcoin has been bleeding to Bitcoin for the past two years. In the daily timeframe of the ETH/BTC pair, a bullish reversal pattern has been forming with a support level around 0.034, coupled with a rising divergence of the Relative Strength Index (RSI).
Altseason Prospects
According to renowned crypto analyst Benjamin Cowen, altcoin investors should not FOMO into rallying meme coins as the real altseason has not yet begun. Moreover, Bitcoin dominance has been gaining ground against the altcoin market in the past two years. Cowen highlighted that the real altseason will happen when Bitcoin dominance aggressively goes down. Currently, the OTHERS/BTC pair has been dropping, having reached the lowest level after Bitcoin price surged above $93k on Wednesday.
With the notable spike in interest for Ether by institutional investors and growing investment activity through US spot Ether ETFs, Ethereum's price is well-positioned for further growth in the future.
