Ethereum price faces a potential 30% correction after failing to break $400

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The cryptocurrency market momentum has swung back to Bitcoin (BTC) recently as BTC dominance and trading volumes have been climbing along with the price. In that regard, the primary altcoin indicator Ether (ETH) has not been doing well as ETH/BTC dropped 30% in the last two months. 

Now many crypto traders are asking when the altcoins will bottom out and start to rally again. Let’s take a looks at what the charts are showing. 

Ether staying above 100-week and 200-week MAs

ETH/USD 1-week chart. Source: TradingView

The weekly chart shows a precise range as Ether’s price couldn’t break through the resistance zone at $450. However, some bullish indicators are also seen on the charts.

One of those bullish indicators is the breakthrough of the 100-week and 200-week moving averages (MAs). These MAs are often seen as a crucial indicator of bullish/bearish sentiment of the markets. As the price of Ether broke through the MAs in the previous months, it can be said with confidence that this cryptocurrency is in bullish territory.