Bitcoin Falls to 18.1K as Correlation to Ether Picks Up

18237500 - businessman hand pointing to investment as concept

The price of bitcoin was able to hit as high as 19,920, according to CoinDesk 20 data, before momentum stalled. Traders began hitting the sell button, taking the price to as low as 18,171 before it recovered. It was at 19,123.70 as of press time. 

Katie Stockton, a technical analyst for Fairlead Strategies, sees 19,511 as a resistance level, a price point the worlds oldest cryptocurrency can break through in this time of highly bullish sentiment. An eventual breakout appears likely from a momentum perspective, she said, noting that 19,511 is not a strong resistance level 20,000 is a psychological hurdle, much like Dow 30,000.

Analysts are also keeping an eye on ether. The alltime high for the native currency of the Ethereum network is over 1,400 and many think the cryptocurrency is a good buy in this bull market. 

I think ETH is still undervalued versus BTC, noted George Clayton, managing partner of investment firm Cryptanalysis Capital. All this DeFi decentralized finance going on is showing the utility of smart contract protocols.

Is bitcoin leading ether?

Ether ETH, the secondlargest cryptocurrency by market capitalization, was down Tuesday, trading around 596 and slipping 2 in 24 hours as of 2115 UTC 415 p.m. ET.

Over the past several days, ether has mirrored bitcoins price rise closely. The correlation between bitcoin and ether is also trending upward, though is lower than it was after the March market meltdown.

The fact the two cryptocurrencies are…

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