Will Ethereum (ETH) reach an all-time high after Bitcoin (BTC)?

Ethereum has struggled to keep up with Bitcoin, which has hit record highs in recent weeks. Ethereum has maintained a descending price channel, suggesting a more muted development, while Bitcoin has attracted attention with its spectacular rally.

The market appears to be generally bullish, but ETH does not appear to have the necessary momentum for a major breakout. According to the current downward channel on the daily chart, Ethereum appears to be stuck in a downtrend with no immediate signs of an upward breakout. Selling pressure has responded to recent attempts to break resistance, highlighting the upper boundary of the channel as a difficult barrier.

This suggests that Ethereum’s rise could be more difficult than Bitcoin’s recent rise. In terms of support and resistance, the upper limit of the descending channel and the $2,650 level represent Ethereum’s immediate resistance. It would be important for ETH to break this resistance to gain bullish momentum. The next major resistance above lies at $2,750, where previous rallies have met resistance.

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Ethereum has a stronger base at $2,250 and downside support at $2,350, which could act as a buffer if selling pressure increases. Volume patterns pose additional problems. Trading volume has been steadily declining, which could mean buyers are waiting for a clearer breakout signal or are losing interest. Ethereum is unlikely to muster the strength needed to break out of its current channel without a surge in volume.

Unfortunately, the word “sad” can be used to describe Ethereum’s state, as it hasn’t had much luck reaching critical price levels since the end of the summer and has only faced large waves of selling from key holders.