ETH TESTING RESISTANCE... AGAINThe performance of Ethereum Vs. BTC has historically been a decent gauge for what is likely to happen with the altcoin market as a whole. That has changed some, with Solana stealing the spotlight, but this should still give us an idea of what will happen with a number of older coins, especially ERC20s.
Ethereum has been consistently rejected at this descending resistance on the weekly chart. Literally for years at this point. Price is once again consolidating below it, so it is time to pay attention. As you can see, we have had massive bullish divergence coming from oversold RSI, which is not a combo we have seen often on this pair. That said, it has played out to some degree and price is not much higher.
Still, I expect ETH to eventually break out and outperform. Keep your eye on it.