The Ethereum Price Approaches a 910-Day Low Against Bitcoin
The price of Ethereum (ETH) has reached a nearly 910-day low compared to Bitcoin (BTC). However, there are indications that this could be the bottom of the cycle.
Altcoins Lag Behind in Social Volume and Price Returns
In October, while most cryptocurrency markets were performing well, some altcoins, including Ethereum, showed slower growth in social volume and price returns. Despite a 15% rally in Ethereum, discussions about it decreased by almost 20% compared to the previous week.
Money Flow in Bull Markets
According to some users, the usual money flow in bull markets suggests that Bitcoin will increase first, followed by Ethereum and then other large- and medium-cap cryptocurrencies. They believe that this pattern will repeat itself, leading to a rapid increase in the Ethereum price.
Ethereum’s Price Chart and Predictions
The ETH/BTC chart shows that the price is approaching a 910-day low. In the past, when the price reached this level, it experienced a significant upward movement. Some users predict that the Ethereum price will follow a similar trajectory as Bitcoin and climb over $2,000.
Bullish Signs for ETH/BTC
The weekly chart for ETH/BTC reveals several bullish signs. The price has bounced at a confluence of long-term support levels and the Relative Strength Index (RSI) has fallen into oversold territory. If Ethereum rallies at this support, a 20% increase to the channel’s resistance trendline is likely.
Potential Downside for Ethereum
Despite the bullish predictions, there is a risk of a breakdown from the long-term ascending support line, which could cause a 30% drop in the Ethereum price.
Hot Take: Is This the Bottom for Ethereum?
The Ethereum price has reached a 910-day low against Bitcoin, but there are indications that this could be the bottom of the cycle. The ETH/BTC chart shows similarities to previous upward movements, and some users predict a significant increase in the Ethereum price. However, there is also a risk of a downside if the long-term support line is broken. Overall, it’s an uncertain time for Ethereum, but it’s worth keeping an eye on its price movements in the coming weeks.
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