Will Ethereum (ETH) Rally Against Bitcoin (BTC)?
The price of Ethereum (ETH) is nearing a 910-day low against the price of Bitcoin (BTC).
ETH has moved higher this week, consolidating support levels. Does this signal a downward spiral?
How money moves in bull markets
While most of the crypto markets were up in October, some altcoins lagged behind in terms of volume and price returns.
This is particularly noticeable in Ethereum, which has 15% of Ethereum's rally but is being discussed 20% less than last week.
Some X users are unconcerned as they believe that the typical flow of money in bull markets suggests that BTC will rise first, followed by ETH and then other large- and mid-cap cryptocurrencies.
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A particularly interesting chart is ETH/BTC, which shows that the price is close to a 910-day low. When the price reached this level earlier, a significant upward movement followed.
Some users believe that the price of Ethereum will repeat the rapid rise of BTC. The chart shows both the price action and the number of Elliott waves, by crypto trader @cryptotony__ who expects the price to rise above $2,000.
“This would be perfect if it came in at 100. Complete this flat wave 4 pattern and then pump.”
Despite these claims, the Ethereum price is moving below its 190-day downtrend resistance.
ETH Price Prediction: Cycle Low Reached For BTC?
The weekly timeframe chart of ETH/BTC is showing several signs of a breakout, which means the price will drop soon. These signals are shown in price action and the Relative Strength Index (RSI).
The price action shows that ETH has fallen at the confluence of long-term support levels at Rs 0.051 (green circle).
The support is formed by the 1400-day upward support line from early 2020 (black) and a descending parallel channel (white) in place from June 2022.
RSI has fallen into oversold territory at 27 (red trend line). This is the lowest weekly RSI value since July 2019, when the price was trading at $0.017.
If Ethereum supports this support, there is a 20% increase in the resistance trend of the channel at 0.063.
Despite this bullish Ethereum price forecast, a break from the long-term upward support line could lead to a 30% drop to the next closest support at 0.037.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
