Ethereum Sees Gains VS BTC

By lordneroo | Crypto Hustling - Airdrop Sniping | 15 Mar 2021

The second largest crypto saw gains in its BTC pair despite the recent BTC drop.

Bitcoin hit a new all time high above the $60k mark two days ago, taking the total cryptocurrency market capitalization well over the $1.8 trillion mark and revealing that we are in for a wonderful year for the crypto game.

The price surge was quickly followed by a pullback, however the ETH/BTC pair actually saw a bounce approximately twelve hours ago, as seen in the image below. It appears that Ethereum whales have been buying all ETH tokens they could get their hands on.

Many market analysts consider this to be a prelude to a huge Ethereum rally in Q3 or Q4, with the ETH/BTC pair holding up nicely during the recent BTC correction. After all, as we all know, altcoins do not constantly go up, and data provided by TradingView suggests that the ETH/BTC has been in correction mode for over a month now.

Fingers crossed. The signs are there and they are very good. Looks like Ethereum is gearing up for a massive run towards the end of 2021, and I wouldn't be surprised if it came much earlier than that. Of course this is not financial advice, just my personal thoughts based on market indicators. But trust me, I'm not the only one who thinks so.

The chart for ETH/BTC still looks bullish. The constant higher lows have been in play since summer 2019, which kickstarted a general uptrend. Such uptrends do have periods of consolidation. But as long as the structure of higher lows remains, the bullish structure remains valid.

Source: cointelegraph.com

Ethereum is swinging around the $1,800 mark as we speak, which represents a 3% decrease over the last 24 hours. The big green candle that took us from the $1,790 mark all the way up above $1,860 was followed by three more that sent ETH cruising around the $1,944 mark, before eventually following BTC's trend and settling down around $1,800 again.

According to market indicators, the critical areas to hold for Ethereum now are between $1,690 and $1,720, so as long as we stay well over the $1.7k mark we are good for now. Of course, nobody has a crystal ball, so take everything you read in this post with a grain of salt.

ETH/USDT market depth on Binance is telling a similar story, as Ethereum is looking stable above the $1,750 mark, with 5.9k ETH tokens waiting to be grabbed around the $1,838 mark, where the next major sell wall is sitting for now. Everything changes fast, and sell walls seem to be moving North for now, so we may explore the $1,840 mark again soon. Only time will tell.

However, let's keep in mind that a further correction isn't impossible at this point, considering the market sentiment and the noise around the ETH network, as well as the fact that ETH inflows to exchanges have been increasing lately. Regardless, I'm still bullish on ETH long term, and believe we can hit the $5k mark before the end of Q4. Again, DYOR and stuff ;)

Thank you for your attention

Alright guys, that's it for now. Thank you for taking the time to read those lines.

Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.

Stay safe and have a good one,
@lordneroo

Image Sources: 1, 2, 3, 4