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ETHBTC is Clear, Are Bulls Ready to Send Ethereum to 0.12 BTC?

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ETHBTC is an “altcoin barometer”–and about right now, Ethereum (altcoins) is king.

Bitcoin’s performance has been dismal for the better part of Q4 2021, trailing rampant ETH bulls.

ETHBTC Market Performance and Price Status

Based on the ETHBTC daily chart development, it is likely that Ethereum prices will edger higher, outperforming the greenback and the digital gold as buyers set sight on all-time highs. The upswing, without a doubt, will see ETH edge towards 0.12 BTC—a crucial step in narrowing the gap.

ETHBTC Daily Chart for November 30

A glance on the ETHBTC daily chart points to strength, unmistakably favoring bulls.

Specifically, ETH is stretching its gains versus the digital gold, printing higher in an ascending channel.

ETHBTC is inside a bull flag, a pennant of which the likelihood of a break above remains high as ETH buyers step up. The upside momentum to make this possible is also there.

From the ETHBTC chart, bull bars are wide-ranging and along the upper BB pointing to participation from buyers.

Already, the surge above last week’s highs following brief consolidation cemented bulls’ preview.

ETH buyers need to close above 0.08 BTC for uptrend confirmation, blasting above the rising channel to register new H2 2021 highs.

Most importantly, if the breakout bar is with high trading volumes in continuation of November 30’s surge, the leg up towards 0.12 BTC would have been formed—a net positive for optimistic buyers.

ETHBTC Looks Clear

One trader on Twitter picks out the state of ETHBTC in the weekly chart.

As it is, ETH bulls are in a prime position to outperform the digital gold in the days and weeks to come if there is an upthrust above 0.08 BTC, as mentioned above.

Notably, the formation follows weeks of accumulation further pumped by Ethereum’s solid fundamental—the prime being talk of ultra-sound money.

A close above this multi-month resistance trend line will affirm buyers, setting in motion the next significant leg up towards 0.12 BTC—or higher.

If ETH bulls take charge, another trader estimates that the real ETH-BTC flippening will be at 0.177 BTC—his immediate target.

“Nothing can Stop ETH”, The Cat is out of the Bag

The confidence is apparent across the board.

As ETH prices pump, one trader is optimistic that nothing can stop Ethereum right now. The cat, in his assessment, is out of the bag, and bears must come out in full force to change this.

ETHBTC is retesting a key resistance trend line after weeks of accumulation inside a rising channel—evident in the daily chart.

The expectation of even more gains above 0.08 BTC explains why the ETHBTC open interest is rising to record levels as per streams from Bitfinex.

The higher the number of open interest in a bull market signals confidence in the project’s prospects. In this case, it appears that most traders don’t want to close their leveraged position in anticipation of more gains in the weeks to come.

Charts courtesy of Trading View

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

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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