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.

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