The ETBTC chart emerges as one of the most vital graphics for altcoin enthusiasts.
This particular chart holds significant importance as it reflects Bitcoin’s market dominance. For altcoins to gain traction and find opportunities for upward movement, momentum in this chart is essential. Although some upward movement was observed following the Geneva Agreement, the ETHBTC pair has been in consolidation for a long period. What are analysts forecasting for the upcoming period?
ETHBTC Chart Analysis
Over the last 35 days, the ETHBTC pair has been striving to surpass the 0.02534 resistance level. Despite three attempts, the resistance could not be overcome. Currently, bulls are making another push to breach this resistance level and transform the 0.03275BTC region into support. Should they succeed, ETH has the potential to reach the 0.04149 level in the BTC pair, possibly reclaiming its peaks above $4,000.
This breakthrough would also herald better days for the rest of the altcoin market. After nearly 972 consecutive days of a declining ETHBTC pair, which only displayed short-lived, fake surges, investors are hopeful as the pair signals its first significant reversal at a strong bottom, suggesting the conclusion of the downtrend.
Back in 2021, ETH reached its peak at 0.088364BTC. If it can reclaim this region while BTC is priced in six digits, ETH could potentially ascend to $9,700, resulting in massive gains for certain altcoins.
Analysts’ Predictions for ETHBTC
Miles Deutscher, a notable analyst, recently stated that the ongoing consolidation in the ETHBTC pair appears promising. Deutscher remarked on its recent technical structure, considering it among the best seen lately, and noted valid reasons for optimism.
“The ETH/BTC pair presents a strong outlook at present, showing multiple bullish signal alignments.”
Crypto Bullet also commented on the discussed tests and highlighted the approaching breakout. Their analysis indicates the possibility of surpassing the weakened ceiling point following numerous tests.
Could this rally differ from previous ones? Current indicators suggest so. Analysis by Nic underscores a substantial demand on the spot side, which translates to strong potential for futures support in BTC, paving the way for more sustained gains.
“Remarkably strong and organic spot-focused rally in Bitcoin
$
109,761, suggesting sustainability and further elevation upon break.”
Thus, there is a glimmer of hope for altcoin investors this time around. However, if BTC falters unexpectedly, predictions may prove unreliable in the face of uncertainty.