With the growing bitcoin dominance in the cryptoverse, altcoins are facing the fate of Bitcoin’s price action. In the year 2019 value of Bitcoin is more than tripled amid the positive outlook and some mainstream adoption of Cryptocurrency. With the announcement of Facebook’s Libra the market started climbing. The Bitcoin price surge to $13,000 and other altcoin’s value also surged in double-digit, but Bitcoin couldn’t hold the resistance and starting falling breaking all the support levels.
Bitcoin’s freefall pushed the whole market down, the queen of Cryptoverse, Ethereum also lose more than 39% against Bitcoin. After breaking the support level of 0.025 BTC, ETH marked a new historical low of 0.020138 BTC on July 16. Ethereum is struggling to retain its position and dominance in crypto space but the efforts not really falling on the right place.
However, traders are having different opinions when it comes to ETH / BTC price action, some traders are claiming the Eth/Btc price to surge all-time high breaking all the previous records, while other traders believe that ETH/BTC’s outlook is way far from bleak.
According to the technical analysis of Ethereum, Eth has verifiably pursued a generally unsurprising direction against Bitcoin. That is as indicated by Panama B in his recent tweet. On July 25, the analyst exhibited how the ETH/BTC market pursued the very same example during its past two cycles.
Left without a comment. pic.twitter.com/Gp7J1pvXCu
— Panama ₿ (@Panama_TJ) July 24, 2019
Another Trader Pato likewise contends that fractals present a bullish standpoint for ethereum price. Nevertheless, as per their analysis, each cycle has only two perceptible stages: conveyance and markup.
— paTo.. 🌕 (@crypToBanger) July 25, 2019
Looking at the previous and current pattern of Eth/Btc, from July 17 to 25, ETH was exchanging inside a horizontal channel, with resistance at ₿0.0216. As indicated by our examination, it is probably going to diminish in the short term before continuing its upward momentum.
A glance at the RSI demonstrates that there has been an exceptionally huge bullish divergence developing. This difference causes us to accept that the ETH cost will start an upturn towards the opposition line. Accordingly, while we expect short term decrease, the price of Ethereum is ought to start a bull run in long term.