ETH Outperforms BTC During Crypto Market Slide

ETH Outperforms BTC During Crypto Market Slide


The Ethereum price is predicted to outperform Bitcoin as technical analysis suggests a bullish trend, despite a trading range in the weekly time frame and a bearish scenario if the trend falls below a certain level.

The Ethereum (ETH) price has outperformed Bitcoin (BTC) during the past four weeks, despite the fact that the ETH/USD price has fallen.

The wave count and indicator readings from the daily time frame suggest that the price will continue to outperform BTC, reaching highs not seen since 2018.

Ethereum (ETH) Price Fails to Sustain Increase

The technical analysis for the weekly time frame in the ETH/ Bitcoin pair is mixed. The price has traded in a range betwixt ₿0.055 and ₿0.078 since May 2021.

A trading range is a neutral sign since the price usually bounces betwixt the support and resistance lines before an eventual movement outside of its confines.

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It is possible that the price is trading inside a descending parallel channel. Nonetheless, the pattern’s support line has not been validated sufficiently.

If the pattern gets confirmed, the fact that the price trades in its upper portion would be a positive  tendency sign. In contrast to  the support line, the midline has been validated numerous times (green icons).

Furthermore, the weekly RSI gives a mixed reading. By using the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an investment.

If the RSI reading is over 50 and the tendency is upward, bulls have an advantage, but if the reading is below 50, the opposite is true. The indicator is increasing but remains under 50, supplying no clues as to what the trend’s direction is.

Ethereum (ETH) Price Prediction: Has the Price Reached a Bottom?

The daily time frame outlook provides a positive  tendency outlook for numerous reasons.

Firstly, the wave count suggests a bottom has been reached. Utilizing the Elliott Wave theory, technical analysts examine longstanding price patterns and investor psychology that recur to determine the direction of a tendency.

Reports by the count, the price has completed an A-B-C corrective structure (white), in which wave B took the shape of a triangle.

The fact that the correction ended right at the 0.618 Fib retracement level of support supports this possibility.

Following that, the daily RSI has generated a positive  tendency divergence. This is an occurrence in which a momentum decrease does not accompany a price decrease. It often leads to positive  tendency tendency reversals.

Furthermore, the indicator is now over 50, another sign of a positive  tendency tendency.

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ETH/ Bitcoin Daily Chart. Source: TradingView

Regardless of this positive  tendency Ethereum (ETH) price prediction, a fall below the wave C low at ₿0.062 will mean that the tendency is still bearish.

In that case, a decrease to the ₿0.058 support area will be the possibly likely scenario.

Source

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