Ether price may be corrected 30% after not breaking $ 400

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The momentum of the cryptocurrency market has recently declined to Bitcoin (BTC) as BTC dominance and trading volume have increased along with price. In this regard, the primary altcoin indicator Ether (ETH) has not performed well as ETH / BTC has fallen 30% in the past two months.

Now many crypto traders are asking when the altcoins will hit rock bottom and start raking again. Let’s take a look at the charts.

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Ether stays through 100-week and 200-week MAs

ETH / USD 1-week chart. Source: TradingView

The weekly chart shows an accurate range as the price of ether failed to break the resistance zone at USD 450. However, some bullish indicators can also be seen on the charts.

One of these bullish indicators is the breakthrough in the 100-week and 200-week moving averages (MAs). These MAs are often viewed as a key indicator of the bullish / bearish sentiment of the markets. Since the price of ether has broken the MAs in the past few months, it can be said with confidence that this cryptocurrency is in bullish territory.