ETH/BTC has broken a geometrical down trendline on the weekly and looks to be trying to start a new Bullish trend against Bitcoin.
With it now sitting right at a very key Resistance Zone that ranges from 0.02618223 to 0.02877095 Bitcoin. If We can begin to maybe develop some bullish candle bar patterns at the bottom half of the zone on the daily then eventually build up to the top half of the zone with a strong weekly or daily close above it; ETH/BTC's Bull Trend will almost certainly have room to move up to the next zone up at 3,658,099 sats.
It just a new bull cycle!
Remind you that globally we have 4 strong fundamental reasons for this rising:
1. All 3 MA stay under the price.
2. Soon will be halving of BTC.
3. Fundamental factors now also favor Ethereum. For example, it recently became known that Quorum, the blockchain division of banking giant JP Morgan Chase, is in talks to merge with ConsenSys, a software development company based on the Ethereum blockchain. If this merger does take place, JP Morgan can provide a powerful flow of capital to the Ethereum ecosystem.
4. Another important advantage of Ethereum at the moment is decentralized Finance (or DeFi), which is one of the main advantages of This blockchain over competitors.
RizeSenpai
⋅
@Fandorinn, Interesting take. Fundamentals probably are playing somewhat of a role in this but for our trades and target I think the strong technicals are the bigger reason for this pump and will be the reason this weekly trend holds up or not. Supports and Resistances are very powerful indications.
Remind you that globally we have 4 strong fundamental reasons for this rising:
1. All 3 MA stay under the price.
2. Soon will be halving of BTC.
3. Fundamental factors now also favor Ethereum. For example, it recently became known that Quorum, the blockchain division of banking giant JP Morgan Chase, is in talks to merge with ConsenSys, a software development company based on the Ethereum blockchain. If this merger does take place, JP Morgan can provide a powerful flow of capital to the Ethereum ecosystem.
4. Another important advantage of Ethereum at the moment is decentralized Finance (or DeFi), which is one of the main advantages of This blockchain over competitors.