Hey Em, I'm going to share these charts with you so you see what I look at when I'm looking @ ETH and BTC.
This is the ETH:BTC chart (how many ETH per 1BTC).
So, first, you've got that blue box - that's a 'supply zone'. There's a lot of people @ that price point who are willing to sell their ETH back into BTC. This is a daily chart so the spikes you see to the far left are from way back in 2017/2018. Notice how this time around we didn't massively overshoot and correct in that supply zone. Price gradually built up to it and has found acceptance inside that range.
Inside the blue box you'll see this wedge that ETH is bound inside. That's considered a 'bull flag'. Price movement inside this usually means consolidation. It's very possible we see another run up to the top bound followed by a rejection and revisiting the lower bound. BUT because this is ETHBTC, not compared to USD, the value of both can go up just not in sync. So if BTC outpaces ETH, then that would be a cause to revisit that lower bound and vice versa.
Eventually that wedge will break, I'd bet to the upside.
This is the ETH:BTC chart (how many ETH per 1BTC).
So, first, you've got that blue box - that's a 'supply zone'. There's a lot of people @ that price point who are willing to sell their ETH back into BTC. This is a daily chart so the spikes you see to the far left are from way back in 2017/2018. Notice how this time around we didn't massively overshoot and correct in that supply zone. Price gradually built up to it and has found acceptance inside that range.
Inside the blue box you'll see this wedge that ETH is bound inside. That's considered a 'bull flag'. Price movement inside this usually means consolidation. It's very possible we see another run up to the top bound followed by a rejection and revisiting the lower bound. BUT because this is ETHBTC, not compared to USD, the value of both can go up just not in sync. So if BTC outpaces ETH, then that would be a cause to revisit that lower bound and vice versa.
Eventually that wedge will break, I'd bet to the upside.