Ethereum price fell below $2,000 on Thursday, March 28, as the crypto market reeled amid intense volatility and bearish pressure. This decline has shifted the attention of traders from ETH to Ethereum rivals that can record significant gains in price.
Ethereum Price Crashes Below $2,000 Amid Weak Demand
Ethereum price trades at $1,906 at press time, marking its lowest level in more than a week amid US PCE inflation. On the weekly chart, ETH had formed a triple-top pattern, which suggests that the price is about to make a sharp reversal from an uptrend to a downtrend.
ETH price has been rejected again at the neckline of this triple top, which means that the bearish pressure is strong. If the downtrend progresses, it is possible that Ethereum will fall to $1,520.
Besides the weak retail demand that is forcing Ethereum price to drop, institutions also appear uninterested in accumulating during the dip. Data from SoSoValue shows that spot ETH ETFs have experienced three weeks of persistent outflows.
Amid these bearish headwinds, crypto traders are looking for the best Ethereum rivals that they can buy.
Top 3 Ethereum Rivals to Buy
The top 3 Ethereum rivals to buy after ETH price dropped below $2,000 include Ripple (XRP), Solana (SOL) and Cardano (ADA).
Ripple (XRP)
The top Ethereum rival to buy today is XRP. This altcoin shows signs of outperforming ETH after the XRP/ETH ratio surged to its highest level since November 2020. Additionally, this ratio is at the upper Bollinger band, which further suggests a bullish outlook, which could cause a breakout to the all-time high price of 0.0036.
Besides this rising ratio, other factors suggest that XRP can outperform ETH. XRP is at a pivotal point after the Ripple lawsuit was dismissed. The Ripple army is optimistic that the end of the case will attract interest from institutions through spot ETFs. On Polymarket, the odds of an XRP ETF being approved by the end of the year have soared to 85%.
Solana (SOL)
Solana is another Ethereum rival to buy for significant gains. Just like XRP, Solana has outperformed ETH in recent months, with catalysts like a spot ETF application by Fidelity and adoption by BlackRock for the BUIDL fund set to drive further gains.
The daily price chart shows a looming Solana bullish breakout that could lead to gains. This happened after SOL touched resistance at the upper trendline of a falling parallel pattern. If the MACD line crosses above the zero line to confirm a bullish momentum, it could lead to SOL escaping this bearish pattern.
Cardano (ADA)
The other Ethereum rival that traders should consider buying today for significant gains is Cardano. The Cardano network is recording a significant uptick in global adoption after TapTools revealed that it has surpassed 5.25 million wallets.
Cardano price is currently trading within a consolidation range. However, the AO is rising, suggesting that bulls might regain control. If buyers break ADA price from this consolidation zone, it might spark a rally towards the 161.8% Fibonacci level of $1.54.
Final Thoughts on Ethereum Rivals to Buy
Ethereum price has dropped below the critical support level of $2,000, suggesting that bearish headwinds might push the price down further. Amid this drop, the top Ethereum rivals that traders can buy today include XRP, Solana, and Cardano.
The post 3 Ethereum Rivals to Buy Now as ETH Price Crashes Below $2,000 appeared first on CoinGape.
