If ETHUSD doesn't pull off a turnaround anytime soon to break through the current strong $380 resistance level, and BTCUSD finds some strength, it will help support a negative near-term trend for ETH against BTC on the ETHBTC chart.
We are now testing the middle line of the current price channel which began a year ago. A further drop of 7% looks very possible until ETHBTC finds support. This could take some weeks to play out.
Traders will be looking for better opportunities directly in BTC if they see this relative weakness in ETH continue to develop.
Technically that drop of 7% would then put ETH itself in a very strong position as it will have confirmed support on a major level and then can be expected to begin catching up and surpassing BTC's price acceleration. Based on the current chart, this may be due in the first quarter of 2021.
We continue to refine the backtesting strategies on the SparksterSignals platform (link below).
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice
We are now testing the middle line of the current price channel which began a year ago. A further drop of 7% looks very possible until ETHBTC finds support. This could take some weeks to play out.
Traders will be looking for better opportunities directly in BTC if they see this relative weakness in ETH continue to develop.
Technically that drop of 7% would then put ETH itself in a very strong position as it will have confirmed support on a major level and then can be expected to begin catching up and surpassing BTC's price acceleration. Based on the current chart, this may be due in the first quarter of 2021.
We continue to refine the backtesting strategies on the SparksterSignals platform (link below).
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice
