I have noticed lately ETH has fallen out of fashion. Yet it is still one of the largest coins and one that will play a key part in the near to mid term future. I have read somewhere that ETH and coins based on ETH are controlling about 90% of the value of alt coins. If that is the case really, I don't think this sort of dominance will last, but surely eth iss one of the main driver of the alt market.
First and foremost it looks to me like ETH has to make a decision quite soon, weather to tank a bit more or continue with its rise and maybe find a price level.
If I had to make a bet, I would take the bullish side. There just seems to be a lot of support around the 800ish price point and the bullish signs seem stronger to me than the bearish. The uptrend of the triangle is longer than the downtrend, the rest of the market keeps going up and there is lots of support between 700-850.
But much of the ETH price will depend upon the rest of the crypto market, even though ETH vs BTC seems to be a constant battle and often the rise of one is short term bad for other, but in the mid-long term they seem to be supporting each other.
So many analysts are calling a bullish breakout of BTC from its current downtrend:
However one of the issues with these trends is that one can draw them differently and just a slight variation of the trend line shows a very different picture.
The MACD and RSI show more momentum with BTC at the moment than with BTC, but ultimately I think BTC won't rise without ETH to follow.
BTC has had lots of good news lately, especially the lightning network running on the mainnet. I think just like one year ago such news can catapult BTC forward.
So overall I am a little more bullish BTC than ETH but I think there are more signs indicating a positive breakout and move to the next price level for ETH.
I want to see ETH break out of the triangle and BTC above 12k before placing some short term buy orders. I would not be short at this time.