Looking at the Ethereum / Bitcoin ratio on the weekly timeframe we can see that ETH for the past 4 weeks has been outperforming Bitcoin in a very aggressive bullish pattern for the first time since late 2017, early 2018.
ETH/BTC ratio regained the uptrend formed from those dates 3 years ago and looks like the bulls have re-entered the chat.
I've been looking at...
Forecast for ETHBTC going forward, forming parabola - looking to reach top of growth channel around 1/29 at about .067.
Forecast for ETHUSD is to test the upper limit of the upper channel around the same time as ETHBTC reaches the top of its channel. About $2375.
The way I QC these ideas is by running the math and seeing what Bitcoin's price would...
After the strongest Fib trend has been established (red line) We proceed
Key areas involved include the 1 zone and 1.618
1 has been a consistent support for the pair (green arrows)
1.618 was recently a resistance turned support
Fib circles are very useful in identifying Support and resistance areas, as they are areas of interest, The hardest part is identifying...
- On the weekly chart we can clearly see Head and Shoulders reversal pattern
- ETHUSD pair is very close to ALL TIME HIGH
- Highest volume in History on Binance exchange
- 1.618 fib extension - profit target for next wave
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In the US Dollar market, the price action of Ethereum is crossing a critical resistance zone. This area starts from $1200 and ends up to $1600.
25 SMA broken out:
Now if we switch to the Ethereum with Bitcoin pair chart. Then on the weekly time frame, the price action has broken out the 25 simple...
Seeing parabolic rise in ETHBTC
This would roughly translate to $2375
Look out for high breaks in ETHBTC as 3 year downtrend has been broken and ETHUSD is in price discovery.
I do think $2400 is in the realm for price action for Ethereum by the end of this week (~~January 23).
This flat top resistance has pushed Eth/Btc candles back since September 2018 - Its poked its head out before, but this time has more importance as Eth has just had 1st attempt at breaking ATH against Usd - Nothing gets thru previous ATH first time, and things rarely go all the way back up there over months to fail - Eth/Btc can get to 0.046+ and over perform up to 0.049