All eyes may be on Bitcoin (BTC), but an analyst is suggesting that it may be time to pay Ethereum (ETH) some heed. The second-largest cryptocurrency has struggled alongside BTC as of late, falling by a similar amount to the market leader.
Like Bitcoin, ETH is stagnating, though technical indicators suggest impending volatility for the asset. And fortunately for bulls, the market’s bias seems to be leaning in the upward direction, not downward.
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Popular technical analyst Crypto Thies recently reminded his followers to keep an eye on ETH. In a post published on Friday night, he noted that with the Directional Movement Index (DMI) and Volume Moving Average at historic supports, volatility may be had.
DMI & VolMA at historic support, suggesting looming volatility.
Price @ $185
Bull case invalidated at $160
Bear case invalidated at $215 & $241$BTC.D looks like its deathbed
Support zones and resistance zones listed on chart. pic.twitter.com/KwOoaTBrMl
— CryptoThies (@KingThies) November 9, 2019
While Thies did not indicate in which direction he expects for Ethereum to head