It might not feel like it, but Ethereum has been in basically this exact situation before not that long ago. In December, Bitcoin was in price discovery mode and it caused the ETH/BTC valuation to bleed and ultimately capitulate at the end of December before having a major momentum shift in January. Bitcoin has reclaimed February as it has re-entered price discovery mode. With the price of Bitcoin rising, it will likely drag the price of Ethereum up as well. However, until there is a definitive local top for Bitcoin, there will likely not be a sustained momentum shift back to Ethereum. We ultimately just have to wait for this price discovery phase for Bitcoin to temporarily end and as long as Bitcoin does not capitulate, we can see another major move for Ethereum. TA Video by Benjamin Cowen.
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