Analysis: ETH/BTC Price Grows 7% in the Past 24 Hours, Has the Pair Finally Bottomed Out?


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Analysis: ETH/BTC Price Grows 7% in the Past 24 Hours, Has the Pair Finally Bottomed Out?

Ethereum (ETH) price against Bitcoin (BTC) is on the rise as the second largest cryptocurrency pair gained 7% in the past 24 hours. The solid price gains comes amidst a volatile period in the BTC market that saw the pioneer cryptocurrency’s price skyrocket to levels above $9,000 USD before crashing to $8,700 support levels at the moment.

Ethereum Sees Solid Growth as Bitcoin Slows

A mundane consolidation phase ensued on the ETH/USD pair since hitting a high of $199.71 on October 26 in a market that looks ripe for a possible bull run in the coming days. A formation of a bullish rectangular trading pattern on the pair’s daily candle charts signals a possible bullish run in the coming weeks.

However, zooming in to short term charts, the price looks to be on a bearish reversal. Looking at the 4-hour candle charts, the price is on a mini-downtrend and is set to test the minor support level at $182. A break below this support signals downward pressure towards the $178 major support level.

Source: TradingView

A bounce above the minor resistance will be a very bullish signal for ETH/USD, which may push the price to test the major resistance levels at $194 and $199.

Has ETH bottomed against BTC?

As ETH holders look at a bright future, BTC traders are not as optimistic as the price of BTC saw a $300 USD drop in the past 24 hours, shortly after reaching resistance levels at $9084 USD. ETH/BTC pair is on a steady rise since the start of November signaling a possible bottom for the price of ETH against BTC. Is a break out above resistance levels at 23,000 sats possible?

A formation of a bullish triangle on daily candle charts also signals a possible bullish trend in price. The prices bounced off the support level at 18,978 sats on Oct. 26 skyrocketing to 21,400 sats, as at time of writing. A break above the minor resistance levels at 21,900 sats and 22,300 sats may be a catalyst to spur growth to major resistance levels at 27000 sats – a level last witnessed in July.

Source: TradingView

Alt-Season on the Way?

Whenever, the price of ETH appreciates sustainably against BTC, the crypto universe starts whispering on a possible alt-season in the near future. The current bullish trend in the ETH/BTC pair is no different. One crypto trader on Twitter warns that the alt-season is here with us and investors should start checking their bags for the right tokens.

Source: Twitter

Do you think ETH is poised for a bull run? Share your views with us in the comments below!

Author: Lujan Odera
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
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Lujan Odera 385 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
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