Crucial Moment for ETH/BTC
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- ETH/BTC is approaching the end of a symmetrical triangle formation on the daily chart, which began back in July 2022.
- The CM Williams Vix and Ultimate RSI indicators suggest that the bottom was established in late March 2023.
- Currently, ETH/BTC is testing a significant resistance line that has held strong since July 2017.
Additionally, considering the Bitcoin Dominance nearing a resistance point (see attached analysis below), it wouldn't surprise me if we witness a breakout for ETH/BTC, resulting in a decreasing Bitcoin dominance and Ethereum outperforming BTC at the moment.
I will conduct further analysis below using other timeframes
- The CM Williams Vix and Ultimate RSI indicators suggest that the bottom was established in late March 2023.
- Currently, ETH/BTC is testing a significant resistance line that has held strong since July 2017.
Additionally, considering the Bitcoin Dominance nearing a resistance point (see attached analysis below), it wouldn't surprise me if we witness a breakout for ETH/BTC, resulting in a decreasing Bitcoin dominance and Ethereum outperforming BTC at the moment.
I will conduct further analysis below using other timeframes
Nota
Nota
- Positive divergence is observed on the weekly chart.
- The 50-week moving average is approaching.
- The CM Slingshot indicator indicates a trend reversal.
Nota
CM Slingshot indicator shows similarities with March 2021.
Yellow = Aggressive entry
Blue = Conservative entry
Nota
2-week chart:It's reaching a critical point of convergence...
As the price tightens within the chart pattern, a breakout becomes increasingly imminent.
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