As Bitcoin stole the spotlight of the cryptocurrency market due to its spectacular price action, Ethereum was left on the sidelines waiting for buyers. The smart contract token declined over 3.5 percent after the weekly open to reach a low of $364.9 on Tuesday, October 20th. However, this help barrier was able to hold rates down and serve as a rebound zone.
Although demand began to pick up in the first few hours after October 21 launched, Ethereum showed signs that it preferred to follow Bitcoin’s path. The second-largest market capitalization cryptocurrency rose and flew beyond the x-axis of the ascending triangle where it had been contained in the last month. Turning this critical area into support was seen as a buy signal for many investors.
By late Thursday, October 22nd, Ethereum had risen 14.5 percent to a peak of $421.9. On this upward step, several purchase orders were filled, causing some downward pressure behind Ether. As a result, almost 3 per cent of the week ended at $409.4, delivering a weekly return of 8.2 per cent.
While the previously stated ascending triangle predicted a goal of $470, it will take some time for Ether to reach its upside potential. As investors turn their focus to Bitcoin, Ethereum can re-test the breakout point at $390 before it advances further.