Originally published on: November 08, 2024
Ethereum (ETH) is making headlines with its impressive weekly gains, reaching a significant high not seen since May 2024. While Bitcoin’s momentum has slowed down, Ethereum’s price surge to $2,956 has sparked a 6% uptick for the ETH/BTC chart, catching the attention of traders.
With Ethereum momentarily surpassing Bitcoin, the altcoin-BTC pair is showing potential for a trend reversal that has the market buzzing.
One key factor driving this renewed interest in the ETH/BTC trend is a major breakout on the Ether daily chart. After breaking above a 161-day descending trendline on Nov. 6, Ethereum signaled a shift in momentum, drawing in bullish investors looking for opportunities.
Analysts like Marzell and Benjamin Cowen are optimistic about ETH/BTC, highlighting it as a promising buying opportunity for Ethereum in years. Benjamin Cowen suggests that for the trend to bottom out, the pair needs to close above the 50-day simple moving average (SMA) on a daily basis.
On the technical side, the ETH/BTC chart has been lingering below the 50-day SMA for most of 2024, with only brief upticks in Q1. A break above this key indicator could lead to a trend reversal, triggering a potential market upswing.
Meanwhile, experts like CryptoChille have pointed out that key resistance levels on the ETH, ETHBTC, and TOTAL3 daily charts are currently being tested, indicating a possible upward movement if these resistances are breached.
Additionally, the monthly chart shows a bullish divergence for the ETH/BTC pair, with indicators like the relative strength index and Stochastic RSI suggesting a possible uptrend based on historical patterns.
It’s important to note that this article does not offer investment advice and readers are encouraged to conduct their own research before making financial decisions.
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