Ethereum price ascending channel breakout possible if Bitcoin consolidates

In the past week, altcoins prices received a significant haircut, and investors who were light on (BTC) saw their portfolio value take a hit.

Initially, Ether (ETH) price followed Bitcoin higher as the top-ranked digital asset rallied through the $12,000 resistance but as BTC continues to slowly push higher Ether struggled to flip $400 to support.

Crypto market weekly price chart. Source: Coin360
1-week chart. Source: TradingView
ETH/BTC daily chart. Source: TradingView