Originally published on: November 08, 2024
Ethereum has been making significant gains this week, outperforming Bitcoin and reaching a quarterly high of $2,956. The ETH/BTC chart has seen a 6% increase as Ethereum leads the market, sparking interest in a potential trend reversal.
A breakout above a 161-day descending trendline on Nov. 6 has renewed optimism for the ETH/BTC trend. This breakout signals a momentum shift for bullish investors, with experts like Marzell and Benjamin Cowen pointing out the potential buying opportunities for Ethereum.
To solidify the trend reversal, the ETH/BTC pair needs to close above the 50-day simple moving average, as illustrated in the charts. Breaking this level could lead to a significant market reversal, triggering a bullish rally for Ethereum.
Crypto analysts like CryptoChille have noted key resistance levels being tested on the ETH, ETHBTC, and TOTAL3 charts. Breaking through these resistances could propel Ethereum and other altcoins into a sharp rally.
From a technical standpoint, the ETH/BTC chart shows a monthly bullish divergence with indicators like the relative strength index and Stochastic RSI pointing towards a sustained uptrend.
While this article does not offer investment advice, the bullish indicators on the ETH/BTC chart signal potential opportunities for traders. Stay updated on market insights and investment strategies by subscribing to our newsletter for weekly updates.
