ETHBTC - Potential Scenario

Updated

Currently on a sideway trend support which started since May 2021.

I see two likely scenarios;

1- Going further down to the green support line which is almost a 3 year support. There seems to be a good crossing point of three different supports which I tagged with a price label. It could touch there one last time before starting its new run.

2- Bounce up from the current sideway trend support till the resistance of the trend and potentially break out as a C&H pattern.

Indicators are still bearish; Stoch RSI almost oversold, Lark Laguerre RSI looking down, Macd crossed down.

So therefore I suspect the Scenario NO.1 as more likely until indicators show a sign of upside potential.

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As expected, broke down the first support area, expecting it to reach the 0.059 area next

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Bounced from the 0.059 range Seeing a pipe bottom on the daily candles, expecting a small run up to the previous support line.

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Failed pipe bottom so we dropped deeper but good bounce from long term support. Lets follow if this one holds

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going according to the analysis, keep on following.

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It is going as according to the analysis, we could potentially see a move just above MA 50 (green ma) and get a rejection from the (red) resistant which I circled, then I expect it to go sideway and stay afloat above the long term support for a bit.
I am in position still and not changing even if it gets rejected from the resistance as I am looking to hold my ETH for longer term.

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ETH BTC looks very strong on the daily, is about to break out of the resistance zone. Lets go!

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We witnessed a strong breakout as expected. Now a retest is on the table, first try was successful on the daily but we gotta hold above the resistance to turn it into support confidently

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According to on-chain data, miners have been moving a lot of their tokens from their wallets and there has been around 20% reduction in their ETH holdings up until the merge (14th of Sep). The chart clearly shows the biggest sale was actually done on the 12th.
Sell out is always expected during such news, the most important thing is now holding the support which seems to be possible in the coming days.
If we can hold above 0.07-0.069 zone, ETH will should gain some trust and strength as a result.

The future is bright for Ether as the energy consumption is reduced, and the new consensus mechanism forces the people to put their money where their mouth is. Lets see how it unfolds. Holding onto my ETH.

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Price is still sitting above the strong resistance line.

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Trending above support. Looking good.
One of the rare coins to have deflation so I expect it to gain more dominance over BTC soon.

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Going for the long term support line, lets see if it can bounce from there.
The fundemantals are pretty strong, the circulating amount of ETH is still deflating since the fork. The amount of new tokens in circulation is heavily reduced. I still expect a supply shock in the coming months. But we need to see strength starting in ETH BTC pair first.

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Holding above the long term support so far. This should be bottom for ETHBTC if it manages to stay above it. BTC's dominance is looking powerful but the crypto cycle should be in place to prove otherwise.

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ETH BTC is moving in a channel and currently at the support of it.
This was my worse case scenario tbh, Btc dominance is just too strong.
I still expect a reversal though.

TheAlchemist888

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