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Ethereum Still Down 83% From ATH Begs the Question: When Altseason?

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The world has been wrapped up with Facebook’s foray into crypto this week but bitcoin is still the undisputed king. Holding a market dominance of over 57%, BTC is rapidly reducing the gap back to its all-time high while most of the altcoins including Ethereum are still attempting to thaw from the crypto winter.

The recent run up to $9,400 reduced the gap from ATH down to just 53% for bitcoin. The king of crypto has defied all correction calls in recent weeks, powering through several levels of resistance.

Maybe the largest one yet lies at just above $9.5k so the next move will be critical for both BTC and the altcoins to the psychological resistance of $10,000 that many believ will trigger real FOMO.

Bitcoin Price Consolidating Above $9K

For the past 24 hours or so, BTC/USD has consolidated at around $9,200. It did dip below $9k for a few hours but has recovered during the morning’s Asian trading session. Long time trader ‘CryptoFibonacci’ has been looking at the charts to identify new short term support and resistance levels. He notes:

No wicks. Just the closing prices. Look back to late May where it was resistance and now should be support (8700-8800). Also lines up with where the 10 ema is.

The correction that has yet to materialize still remains elusive, and maybe those that were waiting for a drop to $6k have to wait a little longer, maybe forever.

When Altseason?

Trader and analyst Josh Rager has noted the ATH differences which are even more pronounced on the BTC/ETH charts.

Today Bitcoin is down only around 53% from all-time high. But Ethereum is down around 83% from all-time high & could likely go lower as ETH/BTC doesn’t look great. For ETH to catch up to where BTC % currently is the price would have to hit $750.