The ETH price is currently around $ 384, down more than 5% in the last 7 days. Other altcoins have also depreciated significantly over the past week.
The current situation on the ETH market
Ethereum (ETH) rose from USD 386.6 to USD 396.4 during yesterday's session (according to CoinMarketCap data), which means a change of 2.3%. However, last week ended with a loss of around 3%.
After Ether climbed above the $ 400 mark again in a brave session, it suffered a sudden weakness, dropping 4% below the $ 385 mark in just over an hour. At the time of publication, the ETH rate is $ 384.5.
ETH price: what's next?
According to analyst Rakesh Upadhyay, should the bulls manage to push the price above the downtrend, the ETH could rise to a resistance level around $ 420. A break above that level could increase the chance of an increase to $ 450 and then $ 488.
On the other hand, if the bears push the price below the uptrend, it is possible for a dip to $ 333 and then $ 308. Neither the bulls nor the bears have the advantage, the analyst adds, so ETH "may remain limited for a few days."
When it comes to the long-term perspective, in the opinion of the analyst Joseph Young, due to the growing volume and domination of Bitcoin, one should not expect a significant increase in Ether prices, nor another altcoin season in the next few months.
"Bitcoin is siphoning volume from the entire cryptocurrency market ... This is causing the recession of the altcoin market, which has seen increasing selling pressure and low demand from buyers," writes Young. As he points out, traders expect a "resurgence" of altcoins in 2021.
What about other altcoins?
As for the last day, some altcoins are green against the dollar. Nevertheless, on a weekly basis, all major cryptocurrencies - except BTC - depreciated.
Among the top 20 cryptocurrencies by capitalization, Crypto.com Coin (-14%), Monero (-12%) and Bitcoin SV (-10%) saw the biggest drops over the past week. Cardano (-9%), EOS (-9%), Tezos (-9%), Chainlink (-8%), TRON (-8%), Stellar (-8%), XRP (-7 %), Binance Coin (-7%) and Litecoin (-7%).
Of the leading altcoins, only Wrapped Bitcoin (WBTC) rose slightly, which is about 3% up on a weekly basis.