Bitcoin (BTC) has outpaced altcoins through 2019 killing off the continuous calls of “altseason” in the coming year. The pioneer crypto witnessed over 100% gains through the year as Ethereum (ETH) and other top altcoins such as XRP close out the year on a loss.
ETH/BTC pair looks set to close out the month of December at its lowest monthly value in over 3 years as the largest altcoins continues suffering under Bitcoin’s appreciation. Currently trading at 0.017432, ETH/BTC bears’ strength in pushing the coin towards major support at 0.0
— fil₿fil₿ (@filbfilb) December 23, 2019
With the Bollinger bands narrowing on the pair, a possible break out ensues on either side with a downward move seeming more plausible. The middle band has provided resistance and a break above in the weekly price at 0.022 will be the only hope for a momentous bullish run on the pair. The bounce off the resistance and a touch of the lower Bollinger band however kills off ETH bulls hopes.
The relative strength index on the weekly timeframe oscillates towards the oversold region showing a possible continuation of the bear momentum – at least in the coming weeks.
A bleak but positive 2020 for ETH/BTC pair?
Ethereum core developers are getting stick for the upcoming hard fork on January 1 2020 as the launch is expected to happen on a holiday and an overall poor communication on the fork, angered the community. While the intentions of the abrupt Muir Glacier hard fork remain beneficial for the blockchain, analysts and node operators have come forward to criticize the approach by the community.
The official blog post from the ETH Foundation covering next week’s fork should have mentioned the inflation rate increase. It did not, so I’m mentioning it
Instead of blaming me, maybe focus on communicating better so that people aren’t surprised when I share accurate facts? https://t.co/JNu8y8n7DV
— Udi Wertheimer (@udiWertheimer) December 23, 2019
Despite the current troubles, bulls may search for hope on the charts as Ethereum’s price looks set to experience an oncoming reversal following the fork and preparations of Eth 2.0. On the daily charts, the RSI oscillates at its lowest level since September 2018, an indicator of a possible death of the bearish pressure on ETH/BTC.
Furthermore, the announcement of the upcoming “Muir Glacier” hard fork –despite the hiccups – and development towards the new POS enabled Ethereum could help spur the token forward, as staking takes a hold of the market come next year.
Can the upcoming hard fork and ETH 2.0 save ether from a possible capitulation?
Images from TradingView
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