There is so much good information coming from this chart, that we will just ignore most of it and focus on the bottom line.
Ethereum vs Bitcoin | ETHBTC – LONG-TERM
➖ An amazing bullish wave took place here from 2019 through 2021. ➖ A major support level was established mid-June 2022. ➖ In January 2024, after 1.5 years or 574 days; this support level was tested and holds.
We have a candle marked, 8-Jan. '24. This is a reversal signal. The current session, 12-Feb. '24, trades at a higher low compared to 8-Jan. and is now green and moving above EMA10.
We have a reversal signal and this week working as confirmation. It is still early though.
✔️ If the bulls follow through; if the blue trendline is broken or if ETHBTC moves weekly above 0.05680, we can expect higher prices long-term.
✔️ If there is a rejection and the June 2022 support breaks, we can expect the lower support level (0.04269) to be tested before any growth.
My interpretation of the chart mixed with current market conditions is saying that this pair is more likely to grow in the coming weeks and months rather then retrace.
👉 I am bullish on ETHBTC.
Namaste.
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The same long-term growth potential remains valid based on the current chart.
If support holds (light orange), expect ETHBTC to move higher.
Namaste.
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Patience is key.
We continue 100% bullish on ETHBTC. We keep the same market bias.