The price of Ethereum [+ 1.32%] has strongly outperformed Bitcoin (BTC) over the past 30 days and is reinforcing the thesis that flippening could occur one day .
Flippening is the name of the event that postulates that Ethereum will take over BTC’s hold on the number one market cap across the crypto space and ETH’s dominance will lead the way forward.
Many ETH enthusiasts believe that flippening is a certain thing over time.
ETH / BTC in the last 90 days marks a + 100% and in the last 12 months a 157%.
Ethereum managed to stay above $ 2k during most of the recent pullback. Ethereum’s price briefly dipped below $ 2k during the May and early June downtrend, but it has rebounded fairly quickly above critical support resistance and is holding on.
The longer the price stays above $ 2.5k, the more likely it is to hit the $ 3k level soon rather than revisit the bottom of the structure near $ 1,900.
TradingView ‘s top kyer chart shows strong Ethereum accumulation around $ 2,500 with a very bullish snake painted on the chart .
Ethereum’s local top is $ 4,356 and was hit just over a month ago on May 12th. It’s a long way back to the local top and a new all-time high for ETH, but the cryptocurrency market is moving fast.
The price of Ether has been a top performer over the past year and if the macro outlook remains bullish, people may be surprised at how quickly it returns to that peak.
Conversely, if bearish sentiment takes over again and the bears inflict a lot of pain on the market once again $ 2k ETH could be breached and the next major support zone would be around $ 1,400 and the previous ATH set in 2018.
Ethereum closed the daily candle on Monday at $ 2,581.
Prospects for aggregate crypto
The aggregate outlook is the best in the entire market for over 30 days.
Total cryptocurrency market capitalization is $ 1.72 trillion at the time of writing and + 2.4% in the past 24 hours.
It’s hard to believe, but the aggregate cryptocurrency market cap on this date last year was $ 84.88 billion . This is a 1,902% increase for the entire cryptocurrency market over the past 12 months.
Traders and investors should take a close look at the Wyckoff accumulation pattern and the performance of BTC over the coming months. From the relatively small amount of data that is currently available in the market, it appears that BTC may be in phase D of the event.
If Bitcoin is indeed in phase D, the next 6 months could produce a lot of positive activity for market participants who have long positions in the cryptocurrency sector.