After a crucial week for Ethereum, a technical candlestick arrangement shows that ETH prices could prepare for a sharp upturn in the coming weeks and months.
Pointing out events in the monthly chart, one analyst notes that the ETH/BTC ratio reverses from a multi-year support trend line. Usually, the analyst continued, when prices bounce from this line, altcoin prices tend to react, trending higher.
ETH/BTC Rising From Crucial Support Trend Line
The ETH/BTC is a ratio closely monitored by technical analysts. It compares the performance of the world’s first and second most valuable coins.
Although Bitcoin has been firm for the better part of the last two years, the monthly chart clearly shows a descending channel, indicating an upward trend.
So far, there have been a series of higher lows. This suggests that bulls have been soaking in selling pressure over the years, keeping prices higher.
Related Reading
Looking at the monthly chart, this month’s bar will close firmly as bullish. This will result in a double-bar bullish reversal pattern that may ignite demand.
This will subsequently help pump ETH prices even higher. Even so, the relatively lower trading volume, lower than those seen in July 2022, suggests that participation is not at historically high levels.
A bullish bar in June confirming this month’s gain could be the base of another leg up. If this happens, it will mirror those of January 2021. Another 40% gain versus Bitcoin could see ETH close above 0.08 BTC, propelling the coin closely toward 2017 highs.
Overall, Bitcoin has been firm. From September 2022, BTC has been outperforming ETH, erasing gains from 2020 and 2021. The result was a descending channel, though this phase of lower lows also had relatively low participation levels.
Technically, based on a volume analysis, this is bullish for ETH. Even so, a close above 0.08 BTC would be a strong testament from the bulls. It could potentially set a foundation to cement ETH, further narrowing BTC’s dominance.
Spot Ethereum ETFs To Drive Demand: Path To $4,900?
Over the years since launching and the final approval of spot Bitcoin exchange-traded funds (ETFs) in January, the digital asset was the only one recognized by the United States Securities and Exchange Commission (SEC).
Because of this advantage, the approval of the derivative product has seen BTC become an institution’s go-to asset. Wall Street players like Fidelity and BlackRock have been enabling exposure to BTC via spot ETFs over the past four months, resulting in billions being poured into the asset.
Related Reading
However, this changed last week when the United States SEC approved listing all spot Ethereum ETFs. ETH staking was removed from amended 19b-4 files.
Still, the fact that Ethereum is almost being clarified represents a massive boost for the network and the platform. ETH prices shot by as much as 30% in response, outperforming Bitcoin.
It is highly likely that ETH prices will continue rising in the coming weeks. Though it remains to be seen how the reception will be, especially among investors, the coin, like BTC prices post mid-January 2024, will rally, perhaps breaking $4,100 and even all-time highs of 2021.
Feature image from iStock, chart from TradingView
After a crucial week for Ethereum, a technical candlestick arrangement shows that ETH prices could prepare for a sharp upturn in the coming weeks and months.
Pointing out events in the monthly chart, one analyst notes that the ETH/BTC ratio reverses from a multi-year support trend line. Usually, the analyst continued, when prices bounce from this line, altcoin prices tend to react, trending higher.
ETH/BTC Rising From Crucial Support Trend Line
The ETH/BTC is a ratio closely monitored by technical analysts. It compares the performance of the world’s first and second most valuable coins.
Although Bitcoin has been firm for the better part of the last two years, the monthly chart clearly shows a descending channel, indicating an upward trend.
So far, there have been a series of higher lows. This suggests that bulls have been soaking in selling pressure over the years, keeping prices higher.
Related Reading
Looking at the monthly chart, this month’s bar will close firmly as bullish. This will result in a double-bar bullish reversal pattern that may ignite demand.
This will subsequently help pump ETH prices even higher. Even so, the relatively lower trading volume, lower than those seen in July 2022, suggests that participation is not at historically high levels.
A bullish bar in June confirming this month’s gain could be the base of another leg up. If this happens, it will mirror those of January 2021. Another 40% gain versus Bitcoin could see ETH close above 0.08 BTC, propelling the coin closely toward 2017 highs.
Overall, Bitcoin has been firm. From September 2022, BTC has been outperforming ETH, erasing gains from 2020 and 2021. The result was a descending channel, though this phase of lower lows also had relatively low participation levels.
Technically, based on a volume analysis, this is bullish for ETH. Even so, a close above 0.08 BTC would be a strong testament from the bulls. It could potentially set a foundation to cement ETH, further narrowing BTC’s dominance.
Spot Ethereum ETFs To Drive Demand: Path To $4,900?
Over the years since launching and the final approval of spot Bitcoin exchange-traded funds (ETFs) in January, the digital asset was the only one recognized by the United States Securities and Exchange Commission (SEC).
Because of this advantage, the approval of the derivative product has seen BTC become an institution’s go-to asset. Wall Street players like Fidelity and BlackRock have been enabling exposure to BTC via spot ETFs over the past four months, resulting in billions being poured into the asset.
Related Reading
However, this changed last week when the United States SEC approved listing all spot Ethereum ETFs. ETH staking was removed from amended 19b-4 files.
Still, the fact that Ethereum is almost being clarified represents a massive boost for the network and the platform. ETH prices shot by as much as 30% in response, outperforming Bitcoin.
It is highly likely that ETH prices will continue rising in the coming weeks. Though it remains to be seen how the reception will be, especially among investors, the coin, like BTC prices post mid-January 2024, will rally, perhaps breaking $4,100 and even all-time highs of 2021.
Feature image from iStock, chart from TradingView
cost cheap clomiphene without a prescription cost cheap clomiphene without a prescription how to get generic clomiphene without prescription clomiphene tablets buy cheap clomiphene pill cheap clomiphene without insurance can you buy cheap clomiphene without insurance
I couldn’t hold back commenting. Well written!
This is the kind of glad I take advantage of reading.
zithromax order – buy ciplox 500mg for sale metronidazole price
order domperidone online cheap – flexeril oral cyclobenzaprine 15mg without prescription
amoxicillin where to buy – buy generic amoxicillin online order ipratropium 100mcg generic
buy azithromycin sale – buy bystolic generic nebivolol order
buy cheap generic clavulanate – atbio info buy ampicillin generic
purchase esomeprazole online – anexa mate order nexium 20mg pill
prednisone 5mg sale – https://apreplson.com/ how to get prednisone without a prescription
buy ed pills best price – site cheap ed drugs
diflucan pills – order forcan for sale diflucan brand
buy generic cenforce for sale – click cenforce where to buy
black cialis – https://ciltadgn.com/# cialis india
when will cialis be generic – site cialis recommended dosage
ranitidine medication – site buy zantac generic
herbal viagra for sale in ireland – strong vpls 50 milligram viagra
This website really has all of the bumf and facts I needed about this subject and didn’t know who to ask. sitio web
More posts like this would add up to the online time more useful. https://ursxdol.com/augmentin-amoxiclav-pill/
More posts like this would prosper the blogosphere more useful. click
More articles like this would remedy the blogosphere richer. https://aranitidine.com/fr/ivermectine-en-france/
With thanks. Loads of erudition! https://ondactone.com/product/domperidone/
More articles like this would remedy the blogosphere richer.
cheap hyzaar
Greetings! Jolly useful advice within this article! It’s the petty changes which liking obtain the largest changes. Thanks a lot quest of sharing! http://www.mishizhuti.com/114/export.php?url=https://wakelet.com/wake/Ygm_w25-9BwVAfPHOoN7B
Thanks for putting this up. It’s evidently done. http://www.01.com.hk/member.php?Action=viewprofile&username=Ibgdrq
purchase dapagliflozin generic – https://janozin.com/ dapagliflozin generic
purchase orlistat online cheap – this order orlistat 60mg online
Proof blog you possess here.. It’s intricate to espy high worth article like yours these days. I honestly comprehend individuals like you! Take vigilance!! http://seafishzone.com/home.php?mod=space&uid=2330993