ETH/BTC ratio today: Will it break the 0.0046 resistance?

Current state

ETH/BTC has been trading within a longstanding falling wedge on the weekly timeframe. The pair tested and liquidated zones below the lower end of the wedge around the 0.04 level, which has acted as significant support. However, ETH/BTC is yet to show clear signs of reversal from this point.

Key observations:

Support: The price is heading back towards the grey support zone, indicating that ETH/BTC may continue to consolidate within this area before attempting a move higher.

Potential scenario: Until ETH/BTC flips the 0.0046 level and re-enters the wedge, the pair is likely to remain in a choppy range. However, once ETH/BTC begins to reverse, we can expect a good inflow of capital into ETH, which will likely be accompanied by a broader altcoin rally.

Conclusion

ETH/BTC remains in a critical consolidation phase, with the 0.0046 level acting as a pivotal resistance. A break above this level would signal the end of the current choppy price action and could lead to significant capital inflows into ETH, driving a broader altcoin market rally.

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.

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