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Ethereum Bulls Firm Up against BTC, is ETH and Altcoins Bottoming Up?



Ethereum price prediction cryptotelegram

In Ethereum circles, it has been difficult the past few days, especially in the face of resurgent Bitcoin bulls.

Technically, ETH is rock solid—talking of EIP-1559 and the platform being the home of DeFi and NFTs.

If anything, ETH is outperforming BTC year-to-date, considering the more than quadrupling of prices since December 2021. This follows the activation of Eth2 Phase 0—the Beacon Chain.

Since then, things have been looking up for Ethereum, explaining the sharp expansion of ETH prices versus BTC in H1 2021.

For the better part of H2 2021, ETH/BTC prices have been plateauing, with BTC bulls taking the reins reading from price action in the daily chart.

ETH/BTC Market Performance and Price Status

However, this could be changing reading from the ETH/BTC price action in the daily chart. Technically, there appears to be an ETH revival.

After sinking over 20 percent from September 2021 highs versus the BTC, there is are hints of support. The October 12 bull bar may, after all, turn out to be the catalyst that may help drive prices towards 2021 highs, reversing losses of October.

ETHBTC Daily Price Chart for October 13

The daily chart shows a double bar bullish reversal pattern marked with high trading volumes flashing with the 78.6 percent Fibonacci retracement level of the H1 2021 trade range. These could, if history guides, be bullish lights priming ETH for another swing higher versus BTC as the latter cools off after an exemplary performance in early October.

Ideally, a follow-through of October 12 might ignite more demand for ETH, pumping the coin back towards 0.070 BTC and October highs. Even so, the party could be quickly over as it started if there are deeper losses below yesterday’s lows at around 0.060 BTC.

Is ETH Cheap Like it was in December 2020?

Based on price action in the daily chart, one trader thinks the ETH/BTC ratio is favorable for an ETH swing.

Ethereum is Cheap

In the analyst’s perspective, ETH prices are at a rare low versus the BB and RSI could correct from oversold territory. As a result, he thinks the coin might be undervalued.

At spot rates, therefore, the trader assesses that ETH is relatively undervalued and might correct higher in the resumption of the H1 2021 trend.

Ethereum is oversold, A spring higher in Equilibrium?

This is the view of yet another trader on Twitter who thinks ETH is oversold.

From the performance of ETH/BTC in the 4HR, the analyst seems to suggest that ETH could find reprieve in the days ahead, a development that could see the coin gain versus BTC.

Nonetheless, for this assessment to hold and ETH bulls flow back, prices must remain above 0.060 BTC—October 12 lows. After that, buyers could flow back by loading the dips while targeting 0.070 BTC in the short term.

Volumes Divergence Pattern, Altcoins Bottoms Here?

There is consensus that there are hints of reversal for ETH against BTC. A revival of Ethereum would also lift altcoins.

Accordingly, one trader thinks the altcoin bottoms are here, and Bitcoin may likely lose market share in upcoming sessions.

Supporting his analysis is the volumes divergence pattern in the daily chart. There is a buildup in volumes even as ETH/BTC prices track lower, a signal supportive of ETH bulls.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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