As a seasoned researcher with over a decade of experience in the crypto market, I’ve seen more than a few bull runs and bear markets. The current surge in Ethereum (ETH) is particularly intriguing, as it’s been quite some time since we’ve witnessed such significant weekly gains for ETH since May 2024.
Currently, Ether (ETH) is experiencing its largest weekly growth since May 2024. While Bitcoin’s (BTC) progress has slowed down in the last 24 hours, Ether’s price touched a quarterly peak at $2,956, which in turn sparked a 6% increase on the ETH/BTC chart.
As a researcher observing the cryptocurrency landscape, I’ve noticed an intriguing shift recently – Ethereum momentarily surpassed Bitcoin (BTC) for the first time in months, sparking interest among investors about a possible trend reversal in the altcoin-Bitcoin pair.
Ethereum breaks above a 161-day bearish trend
One significant daily surge in the Ether’s daily chart could be a primary factor fueling renewed attention towards the ETH/BTC trading pattern.
According to the graph, Ethereum surpassed a 161-day downward trendline on November 6th, leading to optimistic market feelings. This bearish phase has been ongoing since May 2024, and Ethereum’s move above the falling resistance line suggests a shift in momentum towards bullish investors.
Bitcoin has hit a new record high, and the ETH/BTC chart is rebounding from a significant level in 2021. Marzell, a freelance crypto trader, emphasized that the current ETH/BTC ratio presents an excellent chance to buy Ethereum for the best price it’s been in four years!
ETH/BTC eyes daily close above 50-day SMA
Showing early enthusiasm, crypto technical expert Benjamin Cowen highlighted that for the Ethereum to Bitcoin (ETH/BTC) trend to reach its lowest point, it’s crucial for the trading pair to finish the day above the 50-day Simple Moving Average (SMA) line.
According to the graph, the ETH/BTC pair has been below its 50-day Simple Moving Average (SMA) for much of 2024, with just occasional periods above this line in Q1. If the daily closing price surpasses 0.04, it could result in a breakout from the current pattern (Breakout of Structure or BOS), which might initiate a reversal in the ETH/BTC chart’s trend.
Meanwhile, Freddy, an anonymous market analyst, remained on the fence and noted,
“Every single ETHBTC pump over 5% marked a local top, this year (except August)”
TOTAL3 hits key resistance along ETH, ETHBTC
In simpler terms, CryptoChille, a tech expert, noticed that the prices of ETH, as well as ETHBTC and the combined value of all other cryptocurrencies (excluding Bitcoin and Ethereum), have each reached a significant resistance point on their daily charts. The chart for the total market cap of these other altcoins, known as TOTAL3, is crucial because it provides insights into the trends of alternative coins, aside from Bitcoin and Ethereum.
On the day-to-day graph, a significant level of resistance has been hit. If this resistance level is breached, it might boost the possibility of a robust upward trend.
— ⓑ (@CryptoChille) November 7, 2024
Looking at the technical aspect, the Ethereum-Bitcoin trading pair (ETH/BTC) shows a substantial monthly bullish divergence. This means that although the price is decreasing, some indicators like the Relative Strength Index (RSI) and Stochastic RSI are reversing from an oversold zone. Historically, this trend reversal pattern has often led to a prolonged upward movement in price, increasing the likelihood of a continuous rise.
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2024-11-08 23:02