$606.30 2.11%
ETH · 5w

Don't expect another 2017-style altseason as Ethereum continues slump vs. Bitcoin

While Bitcoin (BTC) is showing strength through new higher highs and making a new yearly high, Ethereum's Ether (ETH) shows weakness, particularly the ETH/BTC pair.

ETH weakness is also a clear indication that most altcoins are not showing strength either since they tend to reflect Ether's performance. 

The 0.03 sats level is a crucial barrier to hold ETH/BTC 1-day chart. Source: TradingView

The daily chart of ETH/BTC shows a clear rejection at the 0.0325 sats level, through which a renewed test of the 0.03 sats area is occurring. A very likely occurrence is the breakdown of this level as the trend has been to the downside since 0.04 sats.

This massive rally upwards reflected Bitcoin’s strength as BTC rallied towards $12,000 and Ether towards $450, though the latter has remained in a general downtrend against BTC in recent years. 

Interesting weekly levels to watch on the ETH/BTC chart ETH/BTC 1-week chart. Source: TradingView

The levels to watch are relatively easy to spot on the weekly timeframe. If the correction goes further on ETH/BTC pair, a correction towards 0.026 sats seems likely.

That level is a crucial pivot through multiple arguments. The first one is the 100-week moving average (MA), which is lying around that area. This MA should provide consistent support, after which a breakout above the 200-week MA would signal further bullish momentum for Ether.

However, before the breakout, the previous resistance zone is also lying around 0.026 sats, through which a beautiful support/resistance flip can occur, signaling upward continuation.

Overall, the ETH/BTC has broken out of a one-year accumulation range, establishing a new higher high. A retest of the previous resistance zone for confirmation of support is therefore not unlikely.

December/January are the months to get into ETH ETH/BTC 1-week chart. Source: TradingView

As history shows, the best period to buy Ethereum has been in December an...

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