Volatility is returning to Ethereum pairs and thus we take a look at ETH/BTC.
I stated before that my fundamental bias would be bullish towards this pair, however that isn’t what the fundamentals suggest as make lower highs and lower lows. This generally suggests that the bears are in control. We can see a possible channel pattern developing for this pair as well. My experience suggests that the top trendline can ignore the spike all time highs, which I’ve done for now. If we can’t get a significant bounce in this pair the upper trendline may be much more slanted from the all time highs. See below’s alteration:
It is unclear which trendline will be more significant right now so we will have to wait a bit for price action. In the mean time I will pat myself on the back for my awesome analysis of ETHUSD.
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Disclaimer: This is not trading or investment advice.