Technical Analysis

ETH BTC ratio today: 0.057 resistance in focus, what's next?

Updated: Aug 31, 2024

Published: Aug 14, 2024

What is Bitcoin: Bitcoin (BTC) is the pioneering cryptocurrency introduced by the enigmatic Satoshi Nakamoto in 2008. It operates on a revolutionary decentralized ledger known as the blockchain and is widely regarded as digital gold due to its finite supply and secure, transparent nature. As the first and most recognized cryptocurrency, Bitcoin remains a cornerstone of the digital asset world.

ETH/BTC

Current state: On the weekly timeframe, ETH/BTC has been trading within a longstanding falling wedge, a pattern that typically precedes a reversal. Recently, the price has tested and liquidated zones below the lower end of the wedge, around the 0.04 level. This zone has acted as a significant support, but we have yet to see a clear reversal in this script.

Key observations

Support: The 0.04 area has provided substantial support, with liquidity being tested and absorbed in this region.
Resistance: A break into the 0.045 area and a move back into the wedge would be a strong signal for ETH and the broader altcoin market.
Potential scenario: Should ETH/BTC break back into the wedge, the 0.057 level is the next significant resistance that needs to be tested. A quick move to this level could indicate the first liftoff phase for meme coins and altcoins.

The Ethereum/Bitcoin trading chart shows a descending triangle pattern with key support at 0.04461 BTC and resistance around 0.05701 BTC.

Conclusion

ETH/BTC is at a critical juncture, where a move back into the wedge and a test of the 0.057 level could ignite a broader rally across altcoins. This script serves as a key indicator of altcoin performance against BTC, and its movements will be essential to monitor in the coming days.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

Bitcoin's all-time high (ATH) is $75,757.

How to Buy:

Via Centralized Exchange (CEX):
1. Choose a CEX like Binance, Coinbase, or Kraken.
2. Create and verify your account.
3. Deposit fiat or other cryptocurrencies.
4. Navigate to the BTC trading section and complete your purchase.