RATE Group | Ethereum Continues to Mirror Bitcoin
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Ethereum Continues to Mirror Bitcoin

15 Oct Ethereum Continues to Mirror Bitcoin

Posted at 18:19h in Ethereum News by

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Ethereum has continued to mirror Bitcoin with the recent bullish and bearish movements. Bitcoin broke out of its triangle pattern which it had been forming since January on Thursday. Bitcoin underwent a bearish movement which saw it drop below the lower trendline of the triangle.

Ethereum followed this movement on large volume and underperformed. While Bitcoin depreciated about 6% during this move, Ethereum declines around 16% moving from $224 to $188 on Coinbase. This has been similar to the movements we have been seeing all year for Ethereum in relation to Bitcoin. Ethereum has been underperforming in declines showing traders still consider Bitcoin a better store of value.

Ethereum is also mirroring the bullish movements we are seeing today in Bitcoin. While Bitcoin moved from $6180 to an intraday high of $6800 on Coinbase, an around 10% increase. Ethereum made moves from $195 to an intraday high of $220, an approximate 15% increase. Ethereum has since retraced to around…

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