Originally published on: November 08, 2024
Ethereum has been making significant gains this week, with its price hitting a quarterly high of $2,956. While Bitcoin’s momentum has slowed down, ETH has seen a 6% increase in its ETH/BTC chart, leading many traders to believe that a bullish trend may be on the horizon.
The recent breakout on the Ether daily chart has been a key factor in renewing interest in the ETH/BTC trend. Ethereum broke above a 161-day descending trendline on Nov. 6, signaling a shift in momentum for bullish investors who have been waiting for a trend reversal.
With Ethereum briefly surpassing Bitcoin for the first time in months, traders like Marzell have noted that this could be the best buying opportunity for ETH in years. Benjamin Cowen, a crypto technical analyst, has pointed out that for the ETH/BTC trend to bottom out, the trading pair needs to close above the 50-day simple moving average indicator.
Analyzing the charts further, it is evident that ETH/BTC has been below the 50-day SMA for most of 2024, indicating a bearish trend. However, a daily close above 0.04 could lead to a break of structure, potentially triggering a market reversal for the ETH/BTC chart.
Technical analysts like CryptoChille have noted that key resistance levels have been reached on the ETH, ETHBTC, and TOTAL3 daily charts, indicating a possible upward movement. Additionally, monthly charts show a bullish divergence, with indicators like the relative strength index and Stochastic RSI suggesting a sustained uptrend.
While this article does not offer investment advice, it highlights the growing interest in ETH/BTC charts and the potential for a bullish trend reversal. Traders are advised to conduct their own research and analysis before making any investment decisions.
Don’t miss out on more insightful articles like this one. Subscribe to our Markets Outlook newsletter for critical insights on investment opportunities, risk mitigation, and trading strategies, delivered every Monday. By subscribing, you agree to our Terms of Services and Privacy Policy.
