ETH vs. BTC Outlook (0.050 & Potential Support)
As many have already noticed, Ethereum has been rapidly loosing ground to Bitcoin. It's likely Ethereum suffered an over-inflation and is returning to more stable ground.
I expect we will see an ETH/BTC ratio of 0.050 in the near future.
With the overall downward trend of the crypto market, Ethereum has not been fairing well and has been descending much more rapidly than the pack leader in Bitcoin's price. As can be seen, the EMA 200 and EMA 50 are also very close to converging.
Ethereum is likely to find support somewhere between 0.050 and 0.35 (fuschia to large dashed red-orange indicator line). However, should that fail, we can expect a back test into earlier months from last year (red-orange indicator lines). The main reasoning as 0.050 to 0.035 being a large support area is if we look back, it is where more upwards action began previously last year and also again later on in the year, but before the December spike.
If the crypto market as a whole turns around, then expect Ethereum to follow the trend as well and see an increase through the cyan indicator lines and into the blue 0.085 & higher).
For now, keep an eye on the yellow arrow I have indicating where Ethereum appears to be entering.
I expect we will see an ETH/BTC ratio of 0.050 in the near future.
With the overall downward trend of the crypto market, Ethereum has not been fairing well and has been descending much more rapidly than the pack leader in Bitcoin's price. As can be seen, the EMA 200 and EMA 50 are also very close to converging.
Ethereum is likely to find support somewhere between 0.050 and 0.35 (fuschia to large dashed red-orange indicator line). However, should that fail, we can expect a back test into earlier months from last year (red-orange indicator lines). The main reasoning as 0.050 to 0.035 being a large support area is if we look back, it is where more upwards action began previously last year and also again later on in the year, but before the December spike.
If the crypto market as a whole turns around, then expect Ethereum to follow the trend as well and see an increase through the cyan indicator lines and into the blue 0.085 & higher).
For now, keep an eye on the yellow arrow I have indicating where Ethereum appears to be entering.
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