Journalist
Posted:
- ETH/BTC purple reflects the 2017-2019 cycle closely, with the stochastic RSI under 20.
- Is history about to repeat itself?
Historical trends Indicate that Ethereum [ETH] could surpass Bitcoin [BTC] Middle-Q3, because the stochastic RSI has remained under 20 for two years-a rare over sold-out state.
This setup is very similar to the 2017-2019 cycle, where EH/BTC became a low-low before a significant recovery was organized. Currently, the ETH/BTC pair reflects that pattern and you test the same key support level.
Source: TradingView (ETH/BTC)
If history repeats itself, a momentum shift can be underway. After the 2017-2019 cycle, ETH 2020 closed with a stunning YTD profit of 487%, which performed better than BTCs 302%.
A supply crisis is currently unfolding, which points to potential accumulation, since ETH consolidates 2.8k 2.8k within the range of $ 2.7k. The MACD also shows early signs of a bullish crossover, which indicates a possible trend removal.
Would Ethereum be about to make an outbreak against Bitcoin?
ETH/BTC – Where does investor sentiment change?
This month, Ethereum has lost more than $ 80 billion in market value and Bitcoin performs under the broader market uncertainty.
The ETH/BTC pair remains in a downward trend, whereby the RSI indicates a potential soil. A fall in trade by 20% volume Indicates a weak accumulation, making an immediate trend remark unlikely.
Source: TradingView (ETH/USDT)
Nevertheless, early Bullish signals are on the rise. For ETH to regain the Bullish Momentum, it must regain $ 3.5k as support before it tries an outbreak in the direction of his peak after the $ 4K elections.
Given historical trends and technical indicators, the current consolidation phase of ETH could be an arrangement for a possible rebound.
Traders must keep a close eye on the influx of volume and bullish differences in the ETH/BTC pair to validate the repetition of the 2017-19 cycle.