Several altcoins have shown strength recently. Good examples are Theta Token (THETA), Zilliqa (ZIL) and Elrond (ERD). However, the coins with a large market capitalization are lagging behind. The only such coin that has developed well is Cardano (ADA).As altcoins with a smaller market cap gradually rise, some investors may wonder what exactly would be required for a significant increase in coins with a large market cap. Does the market need confirmation from Bitcoin (BTC), the largest digital asset on CoinMarketCap? Or is the top altcoin ether (ETH) the signal?
Ether holds key support at $ 220
The ETH / USD pair recovered from $ 195 to $ 250 last month, but also fell with Bitcoin in the days before. When the Bitcoin price pulled back this week, there was also a test at Ether. The green area between $ 271 and $ 222 is the zone that had to stop as support.The ETH / USD pair has been on an upward trend since the March 12 slump. So it is likely that it will continue to rise above $ 250.The next major resistances are at $ 290 and between $ 330 and $ 340. If the price drops below $ 217, a potential test of support for the 100-day and 200-day moving averages between $ 168 and $ 176 can be expected.