Crypto analyst Yashu Gola says that the leading altcoin Ethereum entered the bearish range that preceded the 35% price crash in the April-May 2022 session. Meanwhile, Ethereum (ETH) has posted better gains than Bitcoin (BTC) in the last 24 hours. However, the leading crypto Bitcoin finally managed to rise above the $20,000 level. We have prepared Yashu Gola’s Ethereum vs Bitcoin performance benchmark analysis for our readers.
Leading altcoin beats Bitcoin in risky rally
cryptocoin.com As you follow, Ethereum reached its weekly high of $ 1.554. In this move, it jumped about 20% on a weekly basis. Bitcoin (BTC) has experienced a similar rally. However, on a weekly basis, it only increased by 8%. This reveals that the leading altcoin is outperforming the leading crypto. Meanwhile, the ETH/BTC pair gained around 8%, climbing as high as 0.75 BTC on October 26.
ETH/BTC daily price chart / Source: TradingViewThe boom in the biggest crypto assets coincided with the US stock market’s winning streak since October 24. A weaker US dollar index (DXY), which has been trading against the crypto market since March 2020, has also contributed to this.
bear fractal alarm
ETH/BTC’s recent price rally took it to a range before a 35% correction in the April-May 2022 period. This move is marked “R1” in the chart below. It was instrumental in limiting its upside expectations in August-September 2022. This point is marked “R3” in the chart below.
ETH/BTC 3-day price chart / Source: TradingViewThe range coincides with the area defined by ETH/BTC’s 0.236-0.382 Fib lines or 0.072 BTC-0.077 BTC. Therefore, it is possible for the pair to stabilize within the range. Then, a correction towards the short-term support levels 0.068 BTC-0.064 BTC area is likely.
Meanwhile, it is possible that a definitive drop below the 0.068 BTC-0.064 BTC area will cause ETH to drop to the multi-month ascending trendline, which serves as a solid rebound spot after the April-May 2022 downtrend. An analyst nicknamed Efloud shares:
The view after closing the pair at the top. You can have a nice projection by analyzing the tweets that have been RTed. With the mLTF bearish indicators coming from the red box, it is possible for the price to visit the lows of the green box.
$ETHBTC | Update
The outlook after closing the pair at the top.
You can have a nice projection by analyzing RTed tweets (for education).With mLTF bearish indications from the red box, the price may visit the lows of the green box.
The red lines are another resistance zone. https://t.co/6zFhLWT1A0 pic.twitter.com/rKnxWsCS3E
— Efloud (@EfloudTheSurfer) October 26, 2022
This puts ETH/BTC’s primary downside target at around 0.059 BTC in Q4 2022, a 20% drop from current price levels.
