Ethereum price has been outperforming Bitcoin again while the flagship cryptocurrency has seen a pullback, ETH managed to stay above $1,200. XRP price continues trading sideways below $0.30 and will most likely remain flat until the SEC makes a final decision.
The total market capitalization of the crypto industry has stayed between $1.1 trillion and $950 billion, indicating that a potential breakout could happen soon.
BTC Price dives to $33,850 but no red flags so far
Bitcoin had another run above $40,000 but got rejected again on January 15. BTC price is currently at around $35,200 still above the 26-EMA on the daily chart which is currently located at $32,820.
BTC/USD daily chart – TradingView
As we have mentioned several times in the past, as long as the 26-EMA is defended on the daily chart, the uptrend will remain intact. The most notable development in the past week is Bitcoin’s dominance which has fallen to 66% for the first time in over a month, which could be an indication that the alt season is nearby.
ETH Price breaks out against Bitcoin
On the ETH/BTC chart, Ethereum finally saw a massive breakout of a symmetrical triangle on the 12-hour chart. ETH price is currently outperforming Bitcoin and it’s on the verge of another colossal breakout on the weekly chart.
ETH/USD 12-hour chart – TradingView
On the weekly chart, ETH is on the verge of a breakout from another symmetrical triangle. The resistance level is established at 0.0356 BTC and would represent a massive two-year breakout capable of taking Ethereum price towards a 59% increase which would put it at around $2,000, a new all-time high.
ETH/BTC weekly chart – TradingView
Again, as we mentioned above, Ethereum outperforming Bitcoin while its dominance goes down is a major indication of the potential upcoming alt season which is notorious for ETH climbing first followed by the altcoins.
XRP Price remains flat
Not much has happened with XRP since we last reported so we are not going to dive too much into it. XRP price is currently at $0.276 trading sideways for the past two weeks and having a lot of trouble climbing above $0.30.
Again, it seems that XRP will only do anything exciting if the SEC makes a final decision. It’s also important to note that if the alt season begins, XRP price is likely to plummet as a lot of the money invested into it will probably go into altcoins booming.
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