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Ethereum Bottom?Altcoins continue to underperform Bitcoin writ large, and Ethereum continues to generally be beaten down. Good. As you can see, the demand zone below price is currently being front run, which I discussed as a likely possibility a few days ago. As Bitcoin hit $99,000, liquidity moved VERY quickly into Ethereum, which bounced hard. RSI is oversold, with likely bullish divergence on basically every single time frame. Ethereum is EXACTLY where it should be at this point in the cycle, but general consensus it that is is “dead.” Maybe? But usually that is the best buy signal there is.
Long
by ScottMelker
Calling the ETHBTC bottomAs of writing this ETHBTC is trading at .4508 Current arena - Ethereum was once the future of finance, however other sybil friendly VC chains have front ran it on crypto's greatest value proposition of creating rug pulls with dogs on them. Technicals - On a monthly timeframe ETHBTC has just completed it's first death cross . And has dumped front running this event. Narratives - The new prominent narrative of "Liquidity will not find it's way out of the Bitcoin ETFs" convinces me this is the bottom. A rounded bottom or V shape is possible depending on narratives surrounding the ETFs.
Long
by limit_buy_69
2
ETH TO BOTTOM SOONI know, I know—Ethereum is dead. It’s a dinosaur. It’s been replaced by Solana. Nobody needs it. L2s are clunky and stealing all the gas fees. It’s over—pack it in. Except, it’s not. Ethereum has an ETF seeing net inflows, Larry Fink from BlackRock is actively proselytizing about using it to tokenize the world, and it’s beaten down—just as it is at this point in every cycle. Maybe I’ll go down as a donkey, but every bottom signal I track in sentiment is beginning to show up. The blue zone, around 0.031–0.029, is my high-conviction buy zone. I’m not sure the price will reach that level, but if it does, I’ll be buying aggressively. By then, we’ll likely see oversold RSI conditions on both the daily and weekly charts, along with more bullish divergence. I remain confident that Ethereum will have its moment—and when it comes, it will be fast and furious.
Long
by ScottMelker
1
Feels like ETHBTC WeekThe bottom looks close but I wouldn't be surprised if BTC keeps running while ETHBTC remains low. I could see it bottoming around .03287, if not here. That could mean BTC drops 10% while ETH drops less, which is possible. It's definitely and interesting time, sentiment is extremely low on ETH but the lower ETHBTC gets the better it looks to me. People are calling it dead and are saying it will never recover (not everyone, but too many). People forget that ETH is actually great. This space is way too convinced that crypto is all about gambling and that nothing has value. This is mostly true, especially now, but that won't be true forever and ETH will outlast pretty much everything.
Long
by Alex-Weigel
3
Eth/Btc 3W - Let's take a wide angle to see better$Eth/Btc 3W; Looking at the Ethereum/Bitcoin chart from a much broader perspective, we can say that the downtrend is still dominant and strong. We can see how the IMB and FVG levels are working properly. If the decline continues down to the +OB level at $0.02934, if the Double Buttom formation support here is insufficient, the decline may continue until the Discount Zone. There are strong support zones at this level, so in the worst case, it will be inevitable to return from this region. Why is the Eth/Btc pair important for us? This pair shows the value of Ethereum against Bitcoin. This shows that the market perception is still heavily weighted towards Bitcoin as a safe haven. As is well known, the appreciation of Ethereum against Bitcoin usually marks the beginning of the altcoin season. #eth #ethereum CRYPTOCAP:BTC #Btc #Bitcoin
by ugurtash
Why ETH/BTC Could Be Approaching Its Bottom1. Fibonacci Magnet • 0.618 Fibonacci Retracement: The golden ratio at 0.03092 is a magnet for price in corrective markets. This level has been a historical pivot point in prior market cycles, and while ETH/BTC hasn’t touched it yet, it appears to be trending toward this critical support zone. • The fact that the price hasn’t yet hit this level leaves room for a final, likely exhaustion move, which often marks the end of a trend. 2. Descending Wedge Pattern • ETH/BTC remains within a descending wedge, a known bullish reversal structure. • Price action is converging as it approaches the apex, which aligns closely with the 0.618 retracement and long-term structural support. • The wedge indicates that momentum is weakening on the downside, often a precursor to a breakout. 3. Long-Term Horizontal Support • The 0.03 level has historically been a strong psychological support for ETH/BTC, acting as a base during the early phases of 2020 before the explosive bull run. • Combining this horizontal level with the Fibonacci retracement strengthens its likelihood of being a key reversal zone. 4. Trendline Confluence • The descending red trendline from 2021 has contained ETH/BTC’s downtrend, but price is now reaching a crucial point where it will either: 1. Break below and invalidate the setup (unlikely given the confluence of factors). 2. Hold at this major trendline, completing the wedge structure and setting the stage for a reversal. 5. Timing Cycles • Historically, ETH/BTC bottoms before Bitcoin halvings and rallies during the altcoin seasons that follow. • With the halving approaching in 2024, ETH/BTC appears to be aligning with this pattern. A touch of the 0.618 retracement would coincide perfectly with historical cycle lows. Why This is Critical This zone represents the final test for ETH/BTC’s current downtrend: • A touch of 0.618 would complete the technical correction. • The wedge pattern apex, horizontal support, and Fibonacci levels create a perfect confluence for a bottom. • Failing to hold here would signal a significant break in structure, but such a scenario appears unlikely given the timing and technical setup. Conclusion While ETH/BTC hasn’t yet hit 0.618, it’s crucial to watch for a touch of this level in conjunction with volume and price action at the descending wedge apex. If ETH/BTC reacts strongly at or near 0.03092, this would likely confirm the bottom and set the stage for a breakout toward 0.045 and beyond.
by Monument_
Eth bullrun is imminent In my opinion ethereum versus bitcoin has tapped the bottom, feels like some sort of fake distracting breakdown which gains strength again very soon , all the bottom i can imagine for ethereum is here where we are , RSI even in monthly timeframe is extremely oversold, Remember we wont have the real altseason without eth riding the wave so be ready for a massive price gain from the king of altcoins . It’s definitely one of the weirdest looking charts ever seen but more than 1000 days of range and falling will give us a strong come back . I think we will aim for the red trend line and have a little lingering consolation before the full send which matches with my btc.d view and the altseason map. Stay safe fam
by mastershark
Ethereum's Fading Dominance: A 2023 Trend That Could ContinueEthereum's relative strength against Bitcoin has been waning throughout 2023, and technical analysis suggests this trend may persist. A Breakdown in the Making Ethereum (ETH) has been showing signs of weakness relative to Bitcoin (BTC) throughout 2023. This trend and a recent technical breakdown suggest that ETH/BTC could continue its downward trajectory. Key Technical Indicators 1. Relative Strength Index (RSI): The RSI for ETH/BTC has been declining, indicating a loss of momentum in Ethereum's price action relative to Bitcoin. 2. Moving Averages: The 50-day and 200-day moving averages for ETH/BTC have crossed over, forming a bearish "death cross" pattern. This pattern often signals a potential downtrend. 3. Support Levels: ETH/BTC has struggled to hold onto key support levels, suggesting that selling pressure is increasing. Why is Ethereum Losing Ground to Bitcoin? Several factors may be contributing to Ethereum's relative weakness: 1. Network Congestion and High Fees: Ethereum's network has been plagued by congestion and high transaction fees, particularly during periods of peak demand. This has led to a decline in user experience and network adoption. 2. The Rise of Layer-2 Solutions: While Layer-2 solutions like Arbitrum and Optimism have helped alleviate some of the congestion issues, they have also fragmented the Ethereum ecosystem. 3. Competition from Other Smart Contract Platforms: Other smart contract platforms, such as Solana and Cardano, have been gaining traction and challenging Ethereum's dominance. 4. Bitcoin's Growing Institutional Adoption: Bitcoin has been increasingly adopted by institutional investors, who view it as a store of value and a hedge against inflation. This increased demand for Bitcoin could be driving capital away from Ethereum. The Potential Impact of the Merge The Merge, a significant upgrade to the Ethereum network, was expected to improve network efficiency and reduce energy consumption. However, the impact of the Merge on Ethereum's price performance has been mixed. While the Merge may have long-term benefits for the Ethereum ecosystem, it has not been enough to reverse the short-term trend of ETH's underperformance relative to Bitcoin. Conclusion Ethereum's relative weakness against Bitcoin is a concerning trend for ETH holders. The technical indicators suggest that ETH/BTC could continue to decline in the coming months. While the Merge was a significant milestone for Ethereum, it may not be enough to offset the challenges facing the network. Investors should closely monitor the price action of ETH/BTC and be prepared for further downside. Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Please conduct your own research or consult with a financial advisor before making any investment decisions.
Short
by bryandowningqln
ETH/BTC - The fastest horse in the raceWhile I recently laid out why I think COINBASE:ETHUSD has a bullish setup brewing, I want to turn attention to BINANCE:ETHBTC . While I think both BTC and ETH have bullish setups, a case can be made that ETH is about to begin outperforming BTC and we'll likely see a period of outperformance for ETH. Currently forming on the BINANCE:ETHBTC weekly candlestick chart is a bullish engulfing setup coming off of an RSI divergence. These types of setups can be quite explosive once price breaks above the weekly candle high and starts moving. If this pattern plays out then the next major overhead resistance is in the 0.54-0.56 region. Beyond that the next major resistance is just below 0.08. As always, we need to practice proper risk management, so for this setup the invalidation level is around 0.0345. Also keep in mind that the weekly candle has not yet closed so we are simply watchin for the potential at this point. For a good, solid setup we'd want to see very little upper wick when this weekly candle closes.
Long
by krugman87
3