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The downturn in Ethereum prices has been largely attributed to issues related to the platform's performance, particularly regarding its gas fees and transaction speeds. Given the integral relationship between Ethereum and altcoin movements, many cryptocurrencies mirror Ethereum’s struggles. Therefore, traders hope for signs of recovery from Ethereum before considering entry points in altcoins.
Altcoin Market Dynamics
Observations indicate that altcoins are primarily influenced by Ethereum's performance. If Ethereum fails to serve as the market leader, many altcoins will likely face downward pressure. An altcoin such as RLB also reflects this sentiment, showcasing a breakdown from critical support, pointing towards a possibly bearish outlook.