{"id":460291,"date":"2021-04-02T20:00:25","date_gmt":"2021-04-02T20:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=460291"},"modified":"2024-06-11T14:14:31","modified_gmt":"2024-06-11T14:14:31","slug":"one-ethereum-half-a-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/one-ethereum-half-a-bitcoin\/","title":{"rendered":"How One Ethereum Could Soon Be Worth Half A Bitcoin"},"content":{"rendered":"
Ethereum just cleanly broke above $2,000<\/a> for the first time ever, and the altcoin has been soaring since. The milestone has revived talk about an altcoin season and even a “flippening” of Bitcoin itself.<\/p>\n And while that’s unlikely to happen, technical analysis of the ETHBTC pair could suggest that one full Ethereum will soon be worth nearly half a full Bitcoin. Here’s a closer look at the bottoming pattern on the trading pair that could spark the first true altcoin season since 2018.<\/p>\n The cryptocurrency market has matured over the last several years. Bitcoin is now being widely adopted by institutions as a hedge against inflation. Ethereum, once the playground for ICOs and fly by night altcoins, has now become a hotbed for value, generated from various DeFi projects<\/a>, NFTs, stablecoins, and more.<\/p>\n As well as Bitcoin is doing, it is Ethereum that is blossoming<\/a> into an enormous ecosystem, and things are only going to be better when scalability is finally addressed properly.<\/p>\n Related Reading | Ethereum Bullish Retest Offers \u201cOnce-In-A-Lifetime Opportunity\u201d<\/a><\/strong><\/em><\/p>\n Rising fees have been a costly side effect of the DeFi explosion, but is also a sign that Ethereum is the place on the blockchain that everyone wants to be<\/a>. To get in, you’ve got to pay the price of popularity.<\/p>\n The demand for ETH gas required for each and every transaction has helped the altcoin outperform even Bitcoin<\/a>. But according to technicals, one full ETH could be worth around half a BTC, and then some.<\/p>\n <\/p>\n The chart above of the ETHBTC trading pair shows a massive Adam and Eve double bottom<\/a> structure. Based on the measure rule, the target of the sizable pattern would result in a move to the 0.7 range on the ratio.<\/p>\n That means, that each Ether token would be worth roughy 70% of a full BTC. At current Bitcoin pricing, that would send Ethereum to $42,000 per ETH.<\/p>\n Related Reading\u00a0| Before And After: The Ethereum Fractal You Have Got To See<\/a><\/strong><\/em><\/p>\n A more likely scenario, is that due to how crowded Bitcoin is for a trade right now, the top cryptocurrency sees a strong correction, while Ether prices continue to dominate<\/a> for the time being.<\/p>\n For those skeptical about the validity of such a claim, the above chart displaying the measure rule target of a head and shoulders pattern<\/a> almost perfectly lines up with current all-time high resistance on the ratio.<\/p>\n The pattern confirming, would take Ethereum to the neckline of the larger Adam and Eve structure<\/a> on the Bitcoin pair. A further breakout there, could result in enough upside momentum for Ethereum to achieve halfway status to Bitcoin at the very least.<\/p>\nFace That Facts: Ethereum Riding DeFi High, More Bullish Than Bitcoin<\/h2>\n
Breaking above resistance could cause fireworks on the altcoin\/BTC ratio | Source: ETHBTC on TradingView.com<\/a><\/pre>\n
How Adam And Eve Could Birth An Altcoin Season<\/h2>\n
The same applied measure rule would take ETH to the neckline of the \"Eve\" | Source: ETHBTC on TradingView.com<\/a><\/pre>\n