The native Ethereum token, Ether (ETH), posted better gains than Bitcoin (BTC) in the last 24 hours, despite the latter eventually breaking above the key $20,000 level.
Ether outperforms Bitcoin in risk rally
On the daily chart, Ether jumped roughly 14% to hit its weekly high of $1,554 (Binance data) on Oct. 26. Bitcoin saw a similar rally, but its week-to-date gains are just 6% by comparison.
The boom across major crypto assets has been synchronous with the US stock market’s streak of gains since Oct. 24. It also came against the backdrop of a weaker US dollar index, which has typically been trading inversely to the cryptocurrency market since March 2020.
Bear Fractal Alert
The latest rally in the price of the ETH/BTC pair has taken it into a range that preceded a 35% correction in the April-May 2022 session (marked as “R1” in the chart below) and was instrumental in capping its trade. bullish outlook in August-September 2022 (marked “R3” in the chart below).
The range coincides with the zone defined by the 0.236-0.382 Fib lines of the ETH/BTC pair, or 0.072 BTC-0.77 BTC. Therefore, the pair may stabilize within the range, followed by a correction towards the 0.068 BTC-0.064 BTC zone, its short-term support levels.
Meanwhile, a decisive break below the 0.068 BTC-0.064 BTC zone could expose Ether to drop towards its multi-month rising trend line, which served as a solid bounce point after the April-May downtrend. of 2022.
$ETHBTC | update
The outlook after closing the pair at the top.
You can have a nice projection by analyzing RTed tweets (for education).With mLTF bearish indications from the red box, the price may visit the lows of the green box.
The red lines are another resistance zone. https://t.co/6zFhLWT1A0 pic.twitter.com/rKnxWsCS3E
— Efloud (@EfloudTheSurfer) October 26, 2022
$ETHBTC | Update
The outlook after closing the pair at the top.
You can have a good projection by analyzing the RTed tweets (for education).With the red box mLTF bearish indications, the price may visit the green box lows.
The red lines are another resistance zone.
This places the main downside target for the ETH/BTC pair at around 0.059 BTC in Q4 2022, down 20% from current price levels.
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