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ETHBTC trade ideas

ETH needs way more gas to continue ETH has been on an absolute tear over the past week or so; As seen in the price action as well as the predominant ETH/BTC pairing. At this point, ETH/BTC has hit a pretty significant resistance area. It appears the first weekly resistance identified has proven as a stop point for this tear-up on ETH. Given our principal on mean regression, we would expect ETH/BTC to reverse course to get back on track to its longer-term trend line; If we see a significant breakdown of ETH price itself (alongside negative narrative & ES direction), we could see more significant regression on HTF expectations. At this point, I'm building a very cautious short position to hedge against my current spot holdings; Stops are set very tight in case we see a breakout through the first resistance into the "Sus zone"; I'll be watching momentum on this movement as any sign of weakness may indicate a great opportunity to short with heavier size. Alternatively, as pointed out by others, the safest trade I can see at the moment would be to trade the ETH/BTC pair directly;
Short
by OpenAndGoToSleep
#Ethereum Pullbacks, but will Bulls Reclaim 0.088 BTC?Past Performance of #ETHBTC Ethereum is outperforming Bitcoin at spot rates even with the dump on August 14. Thus far, ETH is up a massive 58 percent versus the digital gold, with more headroom, reading from the formation in the daily chart. In the days ahead, traders should watch out for how prices react at last week's highs at 0.079 BTC, gauging how the medium-term formation will be. #ETHBTC Technical Analysis The August 14 bar is engulfing and has relatively high trading volumes. After gains from mid-June, ETH prices may recoil briefly before another leg up because of fundamental factors. Accordingly, traders may search to buy the dips above 0.073 BTC, marking August 10 lows. If prices retrace from last week's peaks but are maintained above 0.073 BTC, the uptrend will be valid from an effort versus results perspective. Bull resumption would likely push ETH back to December 2021 peaks at 0.088 BTC. If not, sharp dumps below 0.073 BTC may complete a head-and-shoulder formation, swinging price action for BTC bulls. What to Expect from #ETH? ETH bulls are solid and have the upper hand. Even so, for the uptrend to be valid, there must be a sharp close above last week's highs. A spike above this liquidation level may see ETH float to 2021 highs. Resistance level to watch out for: 0.081 BTC Support level to watch out for: 0.073 BTC Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
ETHBTC also breaking above large symmetrical triangle on monthlyThis triangle is found on the 1month log chart. This pattern is more speculative than the smaller inv h&s and bullflag patterns I posted in the previous idea to this that I will also link to this idea. If the ethbtc pair were to hit this symmetrical triangles breakout target ethereum would gain insane dominance against btc. Again this pattern validating is much more speculative than the bullflag and inv h&s patterns I posted in the previous idea…but as of now this pattern is still a valid one….even if not quite to be seen on the linear chart. *not financial advice*
by DrDovetail
3
ETHBTC days away from 1day chart goldencross.Here we see the monthly logarithmic chart for the ethbtc pair so the impending golden cross is not shown here. It is only a few days at most away from crossing and we can see here on the log chart that the ethbtc chart’s priceaction is well above an inv h&s pattern and likely has validated the breakout of this pattern even though we haven’t reached its full measured move target just yet. We can also see how price action is now poking a monthly candle above this monthly bullflag in white here. I think it is very possible for ethbtc to continue pumping past the 1day golden cross on its way to hitting both of these chart pattern’s (bullflag and invh&s) targets. However there is such huge anticipation for Ethereum switching over to proof of stake that there is a high probability since the date for it has been announced so far in the future, that it will be a buy the rumor sell the news type of event that pumps up until the event then dumps the week or day of. The one possibility that could keep this from being a sell the news event however is If enough people post predictions that it will be a sell the news event…in which case if everyone in the herd is expecting a sell the news dump it could even continue to pump day of. For now though, it seems the overall sentiment believes the switch will lead to a pump so sell the news has a higher probability at the moment. That could change the closer we get if more and more analysts and youtube personalities start warning of a sell the news event. Quite the paradox really lol. In the short term however I think continued upside after the golden cross is likely, but if we dump on the day it switched to proof of stake the golden cross can still easily be a fake out that flips back into a death cross soon after, so it’s wise to stay vigilant. *not financial advice*
Long
by DrDovetail