Ethereum / Bitcoin price prediction: ETH/BTC gives clear signal about altcoin surge

ETH/BTC gave a clear signal yesterday about an altcoin surge coming
Bitcoin had been showing resilient strength since June

Tomas Salles FXStreet

Ethereum price is surging this week while Bitcoin tremendous rise from last week has taken a breath. ETH/BTC is a fantastic cross pair to track for those traders interested in incorporating relative asset performance in their analysis. Yesterday, Ethereum showed a perfect example of how useful this kind of analysis can be, breaking a downtrend against Bitcoin that had started back in June.

ETH/BTC Daily Chart

It’s easy to spot on this chart how ETH/BTC broke the main downtrend in early December but failed in its first breakout attempt. The main cryptocurrency cross still managed to find support in the previous resistance and then gather enough steam to launch the current bullish ride.

ETH/BTC 4H Chart

ETH/BTC is battling with first resistance level at 0.040. If broken, further resistance can be found at 0.042 first and 0.047 afterward.

On the downside, most immediate support is sitting at 0.033 and the major trendline support is at 0.027.

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.

EUR/USD looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.