Third Time’s the Charm?
ETH/BTC is testing the upper trend line for the third time in the past year. ETH/BTC has shown considerable strength as of late, having mostly stayed around the upper bound of its established range. The last time it tested the lower trend line was in Dec 2020. It’s worth noting the data snapshot in the above chart is a few hours stale. ETH/BTC has since made a run above the upper trend line. What’s key now is to watch for whether this is a fakeout (bull trap) or whether it can find acceptance and consolidate above the trend line.
ETH generally outperforms BTC when market sentiment is positive, which has been the case for the past 1.5 years. A fresh leg higher could spell more upside for ETH/USD and ETH/BTC.