- The Ethereum/Bitcoin (ETH/BTC) pair has shown an increase after touching the important support level of 0.06065 and is currently trading at around 0.06340.
- When we examine the daily timeframe of the pair, we can see that there was a decline at these levels in July 2022 and Ethereum’s price was around $1100.
- If ETH/BTC starts its upward movement from the gray support area mentioned in the analysis, there may be upward movements in Ethereum and altcoins in the coming days.
The ETH/BTC pair has started to rise by touching the important support level and is currently trading at carefully monitored levels. The support and resistance levels mentioned in the analysis can shape the future movements of the pair and have an impact on the performance of Ethereum and altcoins.
Medium-Term ETH/BTC Price Analysis
Daily ETH/BTC Price ChartWhen we examine the Ethereum/Bitcoin pair, we can see that it has risen after touching the important support level of 0.06065 and is currently trading at 0.06340.
When we examine the daily timeframe of the Ethereum/Bitcoin pair, we notice that there was a decline at these levels in July 2022 and Ethereum’s price was around $1100.
ETH/BTC started an upward trend from these levels in July 2022, leading to significant increases in the price of Ethereum and altcoins. If ETH/BTC starts its upward movement from the gray support area mentioned in the analysis, there is a high probability of seeing upward movements in ETH and altcoins in the future.
However, ETH/BTC needs to have daily candle closes above the level of 0.05814 and daily candle closes above the nearest resistance level of 0.064 before continuing its rise.
If ETH/BTC maintains daily candle closes above the level of 0.064, it can continue its rise towards the level of 0.071. ETH/BTC investors should carefully monitor the mentioned support range and also closely watch the daily candle closes above the level of 0.064.
In conclusion, it is important to monitor the future movements of the ETH/BTC pair considering the mentioned levels. These levels can have an impact on the performance of ETH and altcoins, so investors should be cautious and shape their trading strategies accordingly.
Can ETH/BTC Trigger an Upward Movement in Altcoins?
As mentioned in the above analysis, it is predicted that the Ethereum/Bitcoin (ETH/BTC) pair will initiate a new upward trend by returning to the support of the previous upward trend in July 2022 and encountering strong buying reactions in this range.
For ETH/BTC to initiate an upward trend, it is important to continue having daily candle closes above the level of 0.05814 and daily candle closes above the nearest resistance level of 0.064. It is observed that ETH whales are making investments at these critical support levels.
Click Here to Read Our Latest Ethereum Analysis.
While many investors think that Ethereum will experience a decline in dollar terms, many analysts believe that the ETH/BTC pair can initiate a new upward trend in the near future. The initiation of an upward trend in ETH/BTC can lead to an upward trend, especially in ETH-based altcoins.
