Of course, the discussions about the terrible performance of Ether, or rather the merciless mockery of it, an asset believed to be able to flip Bitcoin, is one of the most active.
Thus, the situation on the Ethereum/Bitcoin chart attracted the attention of Peter Brandt, an expert trader operating on the financial markets since the 1970s, who expressed his reaction to it in an unusual way. In his outlook, he described the situation with a question: “A letter from the grave????” Sounds ominous.
As can be inferred based on the chart attached by Brandt to the post, the trader is confused by the fact that the price of ETH has approached a crucial level of dynamic support originating back in 2017.
This is either the moment among the last seven years for the major altcoin to prove haters wrong or kill what was once a nearly 559 billion dollar asset, and that is not counting the roughly $120 billion ecosystem. More to the point, Ethereum is still an asset of at least $376.57 billion, according to CoinMarketCap data, and $34.77 billion in daily volume.
The SOL token itself is going for an all-time high upgrade right now with great fanfare.
The question posed by Brandt, while theatrical, does seem to be an extremely important point for the Ethereum-Bitcoin relationship. The crypto market is getting to the point where it may lock ETH in a box for a long time and let someone else take its crypto market share.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
