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ETH/BTC Weekly Closing Above 0.702 Fibonacci - A Bullish Signal The recent weekly close of ETH/BTC above the 0.702 Fibonacci retracement level is a significant bullish indicator. Here's why: Morning Star Pattern: The formation of a "Morning Star" candlestick pattern on the weekly chart suggests a potential reversal of the prior downtrend. This pattern typically occurs after a period of declining prices and signals rising buying pressure. Fibonacci Retracement: Fibonacci retracement levels are key technical analysis tools used to identify potential support and resistance zones. The 0.702 level is not a standard Fibonacci retracement level (which are typically 23.6%, 38.2%, 50%, 61.8%, and 100%). However, traders sometimes use more precise Fibonacci calculations, and 0.702 could represent a significant level within the current ETH/BTC price structure. Confirmation of Trend Reversal: Closing above this 0.702 Fibonacci level confirms the bullish sentiment suggested by the Morning Star pattern. This indicates that buyers are gaining control and that the price could potentially continue to rise. In simpler terms: Imagine ETH/BTC was in a downtrend, like a ball rolling down a hill. The Morning Star pattern is like the ball suddenly stopping and starting to roll back up. The 0.702 Fibonacci level acted as a hurdle or a resistance point. ETH/BTC jumping over this hurdle is a strong sign that it has enough momentum to continue moving upwards. Mega confirmation would be this weekly candle close above 0.04 Say Important Note: While this is a positive sign, it's crucial to remember that no technical indicator guarantees future price movements. Always combine this information with other analysis tools and risk management strategies.
by CryptoUltron
Arbitrum and Optimism are becoming very interesting.According to previous cycles, when Bitcoin dominance peaks, Ethereum rises. Arguably, we are there, or about to be, and that made me focus on its ecosystem. Two of its most known layers 2 are Optimism and Arbitrum, and I want to bring to your attention their charts against BTC. Optimism is breaking out of a descending wedge, and its target is about 5200 sats, which is in fact a previous support/resistance. Volume is confirming the breakout, and we got a narrative on ETH. Arbitrum is also breaking out of the same figure, whose target is about 1200 sats. Volume is increasing lately as well. I'm already posicioned, but in case there is a retracement I'd ancourage you to take a closer look to an entry.
Long
by JeSuns-
Ethereum Buy RecommendationDue to the positive context of the cryptocurrency market and the fact that Ethereum, the second most important currency in the market, has not yet shown significant movement, I make my buy recommendation based on the following technical aspects developed. 1 - Formation of reversal candles of the tomorrow's star type on the weekly chart. 2 - Beartrap at important long-term resistance 3 - Excellent risk-reward ratio with target at the next important resistance on the weekly chart. Do your own analysis and don't forget about risk management. Follow us for more analyses like this.
Long
by Bitnauta
ETH Weak VS BTCEtheruem is looking extremely weak at the moment, we have just broken a ercent swing low and looking downwards towards the previous range. I have a few levels below that give me confluence to believe that ETH will drop as well as many altcoins unless we absoultely find a bounce and soon. Below you can find the Previous Range point of control marked in Blue. We also have a weekly level which fueled the latest massive rally. And lastly a long term upwards trendling dating back nearly 10 years to 2015, and it comes in perfectly with all the other levels making it a massive support zone. This may mean signal BTC pulling away or maintaing its price level. Albiet, the candles below us would suggest a swift move to the downside as opposed to a slow bleed. I will be watching this to be a potentiall accumulation period for ETH.
Short
by afurs1
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