The leader of Altcoins Ethereum has been struggling to break through key levels and cement them further. ETH price attempted to break through the moving average (MA 50) barrier, hitting as high as $2,411. But, it retraced back to $2,050. Currently, ETH is trading at $2107.80 down by 0.9% in the last 24 hours.
As for all other Altcoins, most of them are trying to move back up in the process of regaining all the losses caused by the sell-off. However, the rallies have not been full-blown yet.
Popular analyst Justin Bennett in his recent strategy session has drawn a parallel between the performance of Ethereum and the rest of the Altcoin market.
He says the entire altcoin market will struggle until Ethereum gives them the signal they need.
Bennet points out a trend in Ethereum that goes back to November 2020, which he believes will determine the fate of altcoins.
He further notes The entire crypto market will stay sluggish and vulnerable as long as the market falters at this level.
“I haven’t seen anyone talking about this trend line on ETH/USD, but it’s single-handedly holding the market down.”
$2,430 – The Key Level to Maintain
In order for ETH and the rest of the altcoin market to climb higher, Bennett believes Ethereum must recapture the $2,430 level. Otherwise, another period of weakness is on the horizon.
He also says the short-term trend line support is near $2,300. If this level fails, ETH/USD could go south and test $2,000 and perhaps even $1,700.
Though Bennet predicts more losses for altcoins if ETH succumbs to this trend line, he believes that breaking above it might signal huge rallies in the long run.
Ethereum may be well on its way to $10,000 in 2022 if the crypto markets are in the middle of a long bull market rather than the beginning of a bear market, according to him.
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