Technical Analysis

ETH/BTC ratio today: Can ETH break the key 0.046 resistance?

Published: Sep 26, 2024

Current state: In our previous report, ETH/BTC was caught in a choppy sideways range, with price action hovering around the 0.046 resistance. We mentioned that a break above this level would be a signal for a reversal, but at the time, a reversal seemed unlikely. Since then, ETH/BTC has moved lower, finding strong support at a major level marked by the grey box.

Key observations

Support: The grey support zone has proven to be a solid foundation for ETH/BTC, helping to stabilise the pair. Price has adhered to this level, showing strength after the recent bottoming-out process.
Resistance: The 0.046 resistance remains the key level to watch. ETH/BTC will need to reclaim this level to confirm a reversal and signal further strength in Ethereum.
Potential scenario: With the pair now showing signs of recovery from its support, we can expect a move back toward the 0.046 level in the coming weeks. A successful break above this resistance could lead to ETH/BTC regaining strength, with more capital flowing into Ethereum and potentially kick-starting a broader altcoin rally.

EthereumBitcoin pair (ETHBTC) with descending trendlines, support levels, and price action over the last few years.

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.

Conclusion

ETH/BTC appears to have found a bottom at the grey support zone, and a move toward the 0.046 resistance is on the horizon. The pair is looking stronger than before, and a breakout could lead to a shift in market dynamics, driving Ethereum's outperformance.