Ethereum (ETH) Is At A Crucial Turning Point, Big Move Expected Ahead

Ethereum (ETH) is at an important turning point. The price continues to trade in an important symmetrical triangle. Breaking out of this triangle will have important implications not just for ETH/USD but also for ETH/BTC. This is now a do or die situation for Ethereum (ETH). If it fails to garner the support to rally further and break past the $233 resistance, then we might be looking at a major decline below the symmetrical triangle in the near future. It is important to note that the next major decline in ETH/USD might be a lot different than the ones we have seen before as we are about to see a reversal in Bitcoin dominance (BTC.D). 

The trend that started towards the end of 2016 when we saw a large number of altcoins rally against Bitcoin might be coming to an end at last. This would be devastating for the cryptocurrency market in general and the altcoin market in particular. Something big is in the making here and this time the cryptocurrency market might just become a part of it. If the stock market starts to crash, this market is going to crash even harder and there is nothing much the whales and market makers could do about it because they will succumb to the pressure from larger markets. For now, it is in their interest to keep the sentiment positive so everyone buys into the halving FOMO but if the stock market declines again, it may be out of their hands to maintain the optimism. 

The weekly chart for Ethereum dominance (ETH.D) shows that the market share of Ethereum (ETH) has been on a rise since the beginning of the year but it has now run into a key turning point. This is where we would be looking for that major shift in the altcoin market. If it has to happen, it will happen now because this is the key turning point where Ethereum dominance will face rejection. 

It is important to realize that if Ethereum dominance starts to decline here, we would be looking at a major downtrend that could last for months if not years in the altcoin market. This is now what stands between Ethereum (ETH) and a major bear market. We have seen a bear market in Bitcoin before but this is the first time a lot of altcoins are seeing a bear market and just because things are bad does not mean that they cannot get worse. The weekly chart shows us exactly what could happen if Ethereum dominance faces a rejection here. Not only would it be forming a lower low but it would be embarking upon another bear trend if it falls further.