ETH/BTC is one of the most-watched crypto pairs after Ethereum and Bitcoin. It is easy to see why: ETH and BTC are crypto titans.
They are trendsetters.
They were the first and are therefore the most liquid and widely adopted.
How the crypto market acts depends on the direction of the ETH or BTC dial.
There exist a direct correlation between Bitcoin and the altcoin market, pointing to the weight of digital gold.
Although ETH has been diverging in recent days as propelling dynamics change, the role of BTC and how it impacts the coin is still evident.
ETH/BTC Market Performance and Price Status
As per the ETH/BTC performance of the daily chart, ETH bulls are in the driving seat.
For the better part of H2 October 2021, ETH buyers have been doubling down, stretching versus BTC.
However, in the daily chart, the upswing may be coming to an end in a cool-off. There are lower lows relative to the upper BB.
Additionally, volumes are tapering through ETH/BTC prices are above the critical support at 0.070 BTC in a bullish breakout pattern.
There could be a hint that this is a retest of a liquidation line. Still, the trend could quickly shift to favor buyers if lower lows are rejected in the short term.
For this move to be valid, ETH bulls must find support at the spot rate, even close above 0.075 BTC—soaring above October 2021 highs.
Even amid the optimism and confidence of ETH emerging victorious, it should be noted that ETH/BTC prices are still within September 2021 trade range.
The only way for bears to be nullified is if there is a rally above 0.080 BTC—propping ETH bulls from a Volumes analysis.
ETH/BTC Bullish, Breakout above Bull Flag Likely
A trader on Trading View is bullish on Ethereum’s prospects.
In his ETH/BTC analysis of the weekly chart, ETH buyers have a chance as long as prices are above 0.060 BTC.
He predicts that if BTC dominance continues to fall, Ethereum would most likely build the required momentum to clear the weekly highs of 0.080 BTC.
Once this pattern prints out, ETH would break above the consolidation—the bull flag—and soar towards 0.12 BTC in a buy trend continuation pattern.
0.080 BTC Inevitable for the ETH/BTC Pair
That buyers will remain triumphant is the view of another trader on Trading View.
While ETH prices may retrace towards 0.060 BTC in a retest of the primary support trend line of the bull flag—or better still—continuation from spot levels, prices would likely soar to 0.080 BTC in a bullish breakout pattern.
On Twitter, one trader observes an ETH/BTC consolidation below 0.075 BTC which she marks as immediate resistance.
Consolidation under resistance… pic.twitter.com/ob6U5LWzvC
— Don't Follow Shardi B If You Hate Money $ (@ShardiB2) November 5, 2021
As mentioned earlier, the uptrend stands a chance, and the rejection of bears from the 23.6 percent Fibonacci retracement of September 2021 is strong if there is a close above 0.075 BTC and eventually 0.080 BTC.
Therefore, depending on the breakout direction in lower time frames, the ETH/BTC price may either soar higher towards multi-weekly highs or dump back below 0.070 BTC as bears take charge.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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