After Bitcoin’s bounce, most major cryptocurrencies have followed suit including Ethereum. The digital asset experienced a massive 16% bounce just a few hours ago with increasing bull volume, however, ETH remains weaker than the rest.
In comparison, Bitcoin’s price has broken above daily resistances but Ethereum is not even close as the last high is all the way up at $152 and the current price is $129.
$100 Million Worth of ETH Moved by Scammers
Perhaps a bigger problem for Ethereum is the $100 million that has just been moved by PlusToken Scammers. Clearly, if they are moving the funds around, they are looking to sell them and $100 million worth of ETH would definitely tank the market.
However, another possibility would be staking the $100 million as Ethereum is currently transitioning into a PoS consensus algorithm.
— Su Zhu (@zhusu) December 19, 2019
Imagine if they throw this into ETH2 Phase0 staking. Perpetual endowment yield
This is definitely one of the reasons why Ethereum is currently weaker. Either way, ETH was weaker before this event anyways and the bulls will still struggle unless Bitcoin can see further continuation and can drag the rest of the market behind it.
The weekly chart for Ethereum looks pretty rough and the bulls need a lot more if they want to change the downtrend. The monthly chart is still waiting for a higher low but at this point, analysts are wondering if it’s even going to happen. The last low is at $80 and Ethereum has just bounced from $116.