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Bitcoin Leads the Market as Ethereum Slides Below EMA Levels
The cryptocurrency market has witnessed a significant shift in dominance, with Bitcoin taking the reins while Ethereum continues to slide below its EMA levels. As of June 21, the digital gold has maintained its stronghold, trading at $103,841 and experiencing a moderate 0.44% gain.
On the other hand, Ethereum has suffered a series of losses, closing at $2,438.46 with a mere 1.33% intraday increase from an open of $2,406.40. The price touched a high of $2,449.02 but quickly retreated, leaving it trapped within a defined horizontal channel since late May.
The market is showing signs of indecisiveness regarding Ethereum’s prospects, as its dominance has slipped below the 9-day EMA at 9.42%. This development suggests a lack of faith in the second-largest cryptocurrency by market capitalization. Furthermore, the chart structure reveals reduced bullish interest as it has closed below the previously mentioned EMA level.
Bitcoin, on the other hand, continues to demonstrate structural strength, with its dominance climbing above 65% without breaking. This surge in investor preference has been further supported by a higher high-low pattern since April, indicating sustained inflows into BTC.
Source: cryptotale.org
