Hardly ever I look at the Ethereum (ETHUSD) chart since both Bitcoin and Ethereum tend to move together.
Whatever I see happening with Bitcoin normally is also true for Ethereum.
For example, notice the bullish wave from July 21 to August 23, exactly the same for BTCUSD and ETHUSD.
Things are different right now.
Ether (ETH) just moved ahead of Bitcoin and went on to hit a new high today... This is great news. While Bitcoin is still strong but showing some bearish signals.
How to read this signal in comparison to Bitcoin?
In the past I used to use Ethereum to predict the next Bitcoin move as it was ahead by a few days or hours, the signals tend to be easier to read.
Seeing Ethereum move ahead, can signal that Bitcoin will eliminate all bearish signals and continue to grow (bullish/green) next.
Another scenario is where Bitcoin and Ethereum detach from each other.
Ethereum has all the Apps, NFTs and smart-contracts going on... With the cryptocurrency market evolving so much and so strong, the King and Queen of crypto detaching is something hard but can definitely happen.
Personally I believe if ETHUSD is to move straight up and go ahead, I think that Bitcoin will follow instead of detaching...
A bullish Ethereum, bullish Bitcoin as well. And vice versa.
We are looking for Ethereum to hit $6,000 but it can take a while...
I just saw this now... The Altcoins (in general) are behaving strongly as well.
If this (ETHUSD going up while BTCUSD hits lower highs) goes on for more than today, I will update my view on Bitcoin taking this information into consideration and tell you what I see coming next.
Make sure to hit LIKE now if you want to stay updated.
I do not like how BTC is so impactful (positive and negative) to the crypto community but everyone has been trained for years to 'see what BTC is doing' and react - Maybe one day these tokens will finally be able to be correlated to themselves and what they provide to improve our daily lives.
Amit26
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ETH has breaking out of BTC's influence several times over the last few months, and its becoming more frequent now a days. I think ETH will eventually break out completely out of BTC's influence and will lead the crypto market.
AlanSantana
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@Amit26, Let's hope it does breakout but still keep BTC on top.
We want strong ETH and BTC but we still like BTC better; limited supply just to start.
With Fiat currency becoming worthless in the coming decades there is room for this one to grow massively... Specially when compared to BTC at $47,000 while this one is only $3,400.
Correlations are just coincidence.. a market moves as per its own technicals and waves. Making predictions based on correlations are normally wrong. What if ETHER fall ?? We analyse them as per our convenience but it does never matter.. Market will always run as per its Techincals only.