- ETH/BTC gave a clear signal yesterday about an altcoin surge coming
- Bitcoin had been showing resilient strength since June
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
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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
-636487699087994607.png)
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.
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