Ethereum Dips by 11.5% Again As Basic Attention Token Rallies by 14.6%

Key Insights:

• Ethereum traded at $1173 after an 11% decline.
• Bitcoin slipped below $22,000 as the broader market bearishness intensified.
• Among the recovering altcoins, Basic Attention Token stood as their leader with a 14% rise.

After a week of unsurprising bearishness, which resulted in the crypto market’s total capitalization falling below the $1 trillion mark, investors were hoping for a relief, but the market seemed to have other plans for them as it took down pretty much the entire market.

Ethereum – The True Altcoin King

As except for a few cryptocurrencies, every other coin, including Bitcoin, noted a decline, Ethereum did not stand back and watch either.

Jumping along with them, ETH justified its title as the altcoin king, plunging by 11.5% in the last 24 hours and adding to the eight-day depreciation of 37.16%.

Although the price was green at the time of writing, trading at $1,176, ETH still needs a lot more than just broader market cues to rise back to $2000.

Sadly, the price indicators are not in favor of the same happening.

The MACD, while did paint a green bar, displayed no sign of a bullish crossover forming on the indicator.

However, in the past, there have been instances where the price has recovered even in a bearish crossover, this time, it may not, as the altcoin is actually inching closer to another fall.

A fall into the oversold zone on the Relative Strength Index (RSI) would place ETH in a consolidation around $1100 to $1300 and would keep it confined until ETH climbs back up.

But, if the latter instance does not occur, ETH could recover quicker than expected.

Basic Attention Token Has All the Attention

Even though the coin is relatively unheard of, BAT led the rally of the few altcoins that managed to break free from the clutch of the bears.

Rising by 14.64% in the last 24 hours, BAT invalidated more than half of the crash it witnessed in the past week. Since consolidation has been the active sentiment in the case of BAT, price did not swindle much.

As a result, the altcoin only experienced a four-day-long crash. At the same time, other cryptocurrencies kept sinking for more than or about eight days.

But the question is if it was an organic rally or not.

The answer, although, is yes. Not only did the altcoin reach closer to its 50-day Simple Moving Average (SMA), but it also drew significant inflows from investors, which was visible on the Chaikin Money Flow (CMF).

This would help the altcoin in creating a sustainable rise, furthering its recovery.