ETH/BTC pattern
This chart shows the ETh/BTC convergence. It looks like it's converging around .042. It has very strong support currently at the .04 level and should not drop below. On the high side it's starting to look difficult for it to rise much above .052. Which means if ETH breaks out soon while BTC is around 11700, then I would expect ETH to meet some resistance at 600 and have difficulty crossing.
Additionally, it seems to me that right now there's no immediately reason for ETH's price to rise independently of overall MC/BTC gains. I believe that ETH price will be tied more to use-cases, the development of it's technology, and the many dAPPS rolling out. These things aren't on the way until 2018 - so it strikes me that if ETH breaks out here, it will probably stop around $600 USD.
I have converted a little extra BTC to ETH to wait this jump that should come in the next week. When it reaches the top of my trend line (.05 ish), I will be selling all that ETH to BTC.
Additionally, it seems to me that right now there's no immediately reason for ETH's price to rise independently of overall MC/BTC gains. I believe that ETH price will be tied more to use-cases, the development of it's technology, and the many dAPPS rolling out. These things aren't on the way until 2018 - so it strikes me that if ETH breaks out here, it will probably stop around $600 USD.
I have converted a little extra BTC to ETH to wait this jump that should come in the next week. When it reaches the top of my trend line (.05 ish), I will be selling all that ETH to BTC.
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.