Ethereum is taking advantage to gain ground as Bitcoin continues to doze off, which appears to be heralding the start of a new bullish storm for altcoins.
There is still a good way to go, but the exhaustion of sellers is increasingly noticeable, announcing the possibility that the bottom of the decline has already been reached.
At the time of this writing, ETH is trading at $ 2,107.99, accumulating a 0.94% gain in the last 24 hours and 15.67% in the last 7 days.
Despite all the negative that was the dump of currencies towards exchanges, and consequently the selloff, we still see that it was really nothing more than a simple correction, and could soon return to the dominant trend.
The exchange deposit metric for ETH is still in a fairly large sideways range, which has worked as a break from a major major downtrend.
This indicator is used to measure the scarcity of cryptocurrencies. The greater the scarcity, as is the case with Ethereum, the higher the price.
Ethereum vs Bitcoin daily chart technical analysis
What is most interesting today is the great bullish awakening of Ethereum against Bitcoin, jumping with large gains that completely overshadow the bearish volume of previous days.
ETH’s awakening occurs just above a very relevant support zone, bordering 0.058 BTC.
Now with the jump to the upside, several immediate resistances have been broken, which gave way to a short-term bullish transition.
It is very likely that Ethereum is about to seek the next resistance, located at 0.066 BTC. But, if we take into account the previous big uptrend, and the great support defense at 0.058 BTC, it is possible that no resistance is too relevant, which could lead us to new yearly highs very soon.
BTC’s weak strength slows ETH rally
On the weekly chart of Ethereum price, we see a medium and long-term uptrend intact, but with difficulties to be resumed, due to the weak strength of Bitcoin.
Last week we saw how the price reached and strongly rejected the support at $ 1,728.74. This behavior may be signaling the possible bottom of the fall, but to confirm it, the resistance at $ 2,771.92 must be crossed.
In case that support at $ 1,728.74 is crossed (unlikely scenario), it would be making way for a wider fall to probably $ 1,500- $ 1,400.
Short-term key levels
On the daily time frame we see that ETH is creating a short-term uptrend, after breaking immediate resistance at $ 1,989.52.
Yesterday the price was hampered by resistance at $ 2,278.82. If the behavior continues as it is, it is likely that we will see this level being crossed soon, giving way to purchases up to a minimum of $ 2,610.18.
However, the true positive signal, of a resumption of the medium / long-term trend, will occur when the resistance at $ 2,884.94 is crossed.
In the bearish scenario, a break of the support at $ 1,728.74, will announce the extension of the corrective process that the entire crypto market is experiencing.
All our publications are informative, so in no case should they be accepted as investment advice.