- ETH/BTC is approaching the end of a symmetrical triangle formation on the daily chart, which began back in July 2022.
- The CM Williams Vix and Ultimate RSI indicators suggest that the bottom was established in late March 2023.
- Currently, ETH/BTC is testing a significant resistance line that has held strong since July 2017.
Additionally, considering the Bitcoin Dominance nearing a resistance point (see attached analysis below), it wouldn't surprise me if we witness a breakout for ETH/BTC, resulting in a decreasing Bitcoin dominance and Ethereum outperforming BTC at the moment.
I will conduct further analysis below using other timeframes
- The CM Williams Vix and Ultimate RSI indicators suggest that the bottom was established in late March 2023.
- Currently, ETH/BTC is testing a significant resistance line that has held strong since July 2017.
Additionally, considering the Bitcoin Dominance nearing a resistance point (see attached analysis below), it wouldn't surprise me if we witness a breakout for ETH/BTC, resulting in a decreasing Bitcoin dominance and Ethereum outperforming BTC at the moment.
I will conduct further analysis below using other timeframes
Note
Note
- Positive divergence is observed on the weekly chart.
- The 50-week moving average is approaching.
- The CM Slingshot indicator indicates a trend reversal.
Note
CM Slingshot indicator shows similarities with March 2021.
Yellow = Aggressive entry
Blue = Conservative entry
Note
2-week chart:It's reaching a critical point of convergence...
As the price tightens within the chart pattern, a breakout becomes increasingly imminent.
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ETHUSD was just the testnet.Change my mind.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.