ETH Primed for Takeoff If Breakout Holds
AUG 31, 2021 • 6 Min Read
Market Update
ETH’s place in the crypto ecosystem is pretty much set in stone as the top smart contract platform; the coin’s share of the total crypto market capitalization has been on the rise since 2019 with few signs of stopping.
ETH/USD has run into some resistance at the golden fibonacci level (61.8%) but is still well above the 50 and 200 EMA on the daily time frame. So, as long as ETH doesn’t lose momentum, or any key moving averages, the trend looks to be in good shape.
ETH/BTC looks much cleaner, having broken out of the trend set between May and July 2021. ETH/BTC historically has a tendency to break through the upper trend line, consolidate there, before its next leg higher. This is a scenario we could see play out again given the current market structure and recent price breakout.
The longer-term price chart tells us a similar story; ETH/BTC broke out o
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