Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the beginning of the yeardue to a renewed appetite for altcoins.
Altcoin market cap is back at $700 billion
Data from Cointelegraph Markets Pro and TradingView confirm that the ETH/BTC pair has broken through a key resistance to pass 0.08 BTC on August 13.
The move is impressive for top altcoin Ethereum as it the area around 0.075 represented a troublesome sell zone that had kept the bulls in check since January.
At the time of writing this article, the ETH/BTC pair is working to maintain the newly gained levelas traders wonder how long the momentum could last.
As Cointelegraph previously reported, ETH/USD pair broke above $2,000 overnight, a major psychological limit in itself not seen since May.
Not for long then
— Crypto Tony (@CryptoTony__) August 13, 2022
not for long then
Noting a trend to bet on developing altcoins, on-chain analytics firm Glassnode noted a desire among investors to increase risk exposure in the current atmosphere.
“According to Swissblock’s altcoin cycle signal, some of bitcoin’s strength has tempered as investors shifted to altcoins in a lower risk environment.co-founders Yann Allemann and Jan Happel wrote in the latest edition of their “Uncharted” newsletter.
“Since the ethereum meltdown became clearer, ether has outperformed bitcoin, driving altcoins higher.”
The overall altcoin market capitalization this week also hit its highest since late May.topping $700 billion, according to figures from TradingView and CoinMarketCap.
ETH Price Analysis Continues To Favor The Bear Market
Coming back to the potential price targets for Ethereum, traders remained conservative after months of gains.
“ETH to $2,200 as long as we stay above $1,737“, said the popular Crypto Chase account.
“Once the uncharted highs start to be hit (and no reversal occurs), the rest of the highs usually do the same. I don’t have my eyes on an exact level or setup for the longs opportunity yet, but I’ll update if I see one.”
“LTF trend is up: I’m watching the breakout if $2,000 is claimed –> $2,400″, continuous fellow account Karoush AK.
“Bearish Neutral HTF: Not a bull market, just less bearish. Some holders have a chance to break out of $2K resistance.”
Meanwhile, in his latest market update to Telegram channel subscribers, trading firm QCP Capital echoed the need for a cautious approach to new gains in a burgeoning altcoin market.
Of particular interest, the staff wrote, was open interest (OI) in derivatives markets, with ETH eclipsing BTC activity by almost double.
“The ETH/BTC pair has broken above the 0.08 level and ETH options open interest (OI) is at an all-time high of $8 billion, dwarfing BTC options OI of $5 billion. This is unprecedented,” he wrote.
“Hard fork concerns remain with September ETH futures trading down -8% (annualized) vs. spot. We have taken some profits on our long vs. short spot futures spreads.”
The September Ethereum Merge Eventhe added, could become a kind of turning point for the markets.
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