{"id":610050,"date":"2024-05-27T19:30:14","date_gmt":"2024-05-27T19:30:14","guid":{"rendered":"https:\/\/wncen.com\/?p=610050"},"modified":"2024-05-27T15:16:42","modified_gmt":"2024-05-27T15:16:42","slug":"eth-btc-bounces-from-a-7-year-support-trend-line-ethereum-to-4900","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/eth-btc-bounces-from-a-7-year-support-trend-line-ethereum-to-4900\/","title":{"rendered":"ETH\/BTC Bounces From A 7-Year Support Trend Line: Ethereum To $4,900?"},"content":{"rendered":"

After a crucial week for Ethereum, a technical candlestick arrangement shows that ETH prices could prepare for a sharp upturn in the coming weeks and months. <\/span><\/p>\n

Pointing out events in the monthly chart, one analyst <\/span>notes<\/span><\/a> that the ETH\/BTC ratio reverses from a multi-year support trend line. <\/span>Usually, the analyst continued, when prices bounce from this line, altcoin prices tend to react, trending higher.\u00a0<\/span><\/p>\n

\"<yoastmark<\/p>\n

ETH\/BTC Rising From Crucial Support Trend Line<\/span><\/h2>\n

The ETH\/BTC is a ratio closely monitored by technical analysts. It compares the performance of the world’s first and second most valuable coins. <\/span><\/p>\n

Although Bitcoin has been firm for the better part of the last two years, the monthly chart clearly shows a descending channel, indicating an upward trend. <\/span><\/p>\n

So far, there have been a series of higher lows. This suggests that bulls have been soaking in selling pressure over the years, keeping prices higher.<\/span><\/p>\n

Related Reading: XRP Bullish Outlook: Analyst Predicts Mega Run On The Horizon<\/a><\/div>\n

Looking at the monthly chart, this month’s bar will close firmly as bullish. This will result in a double-bar bullish reversal pattern that may ignite demand. <\/span><\/p>\n

This will subsequently help pump ETH prices even higher. Even so, the relatively lower trading volume, lower than those seen in July 2022, suggests that participation is not at historically high levels. <\/span><\/p>\n

A bullish bar in June confirming this month’s gain could be the base of another leg up. If this happens, it will mirror those of January 2021. Another 40% gain versus Bitcoin could see ETH close above 0.08 BTC, propelling the coin closely toward 2017 highs.\u00a0<\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price trending upward versus Bitcoin on the daily chart | Source: ETHBTC on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Overall, Bitcoin has been firm. From September 2022, BTC has been outperforming ETH, erasing gains from 2020 and 2021. The result was a descending channel, though this phase of lower lows also had relatively low participation levels. <\/span><\/p>\n

Technically, based on a volume analysis, this is bullish for ETH. Even so, a close above 0.08 BTC would be a strong testament from the bulls. It could potentially set a foundation to cement ETH, further narrowing BTC’s dominance.<\/span><\/p>\n

Spot Ethereum ETFs To Drive Demand: Path To $4,900?<\/span><\/h2>\n

Over the years since launching and the final approval of spot Bitcoin exchange-traded funds (ETFs) in January, the digital asset was the only one recognized by the United States Securities and Exchange Commission (SEC<\/a>). <\/span><\/p>\n

Because of this advantage, the approval of the derivative product has seen BTC become an institution’s go-to asset. Wall Street players like Fidelity and BlackRock have been enabling exposure to BTC via spot ETFs over the past four months, resulting in billions being poured into the asset.\u00a0<\/span><\/p>\n

Related Reading: Chart Whisperer Spots Algorand Breakout: Get Ready For A 50% Rally<\/a><\/div>\n

However, this changed last week when the United States SEC approved listing all spot Ethereum ETFs. ETH staking was removed from amended 19b-4 files. <\/span><\/p>\n

Still, the fact that Ethereum is almost being clarified represents a massive boost for the network and the platform. ETH prices shot by as much as 30% in response, outperforming Bitcoin.<\/span><\/p>\n

It is highly likely that ETH prices will continue rising in the coming weeks. Though it remains to be seen how the reception will be, especially among investors, the coin, like BTC prices post mid-January 2024, will rally, perhaps breaking $4,100 and even all-time highs of 2021.\u00a0<\/span><\/p>\n

Feature image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

After a crucial week for Ethereum, a technical candlestick arrangement shows that ETH prices could prepare for a sharp upturn in the coming weeks and months. Pointing out events in the monthly chart, one analyst notes that the ETH\/BTC ratio reverses from a multi-year support trend line. Usually, the analyst continued, when prices bounce from this line, altcoin prices tend to react, trending higher.\u00a0 ETH\/BTC Rising From Crucial Support Trend Line The ETH\/BTC is a ratio closely monitored by technical analysts. It compares the performance of the world’s first and second most valuable coins. Although Bitcoin has been firm for the better part of the last two years, the monthly chart clearly shows a descending channel, indicating an upward trend. So far, there have been a series of higher lows. This suggests that bulls have been soaking in selling pressure over the years, keeping prices higher. Related Reading: XRP Bullish Outlook: Analyst Predicts Mega Run On The Horizon Looking at the monthly chart, this month’s bar will close firmly as bullish. This will result in a double-bar bullish reversal pattern that may ignite demand. This will subsequently help pump ETH prices even higher. Even so, the relatively lower trading volume, lower than those seen in July 2022, suggests that participation is not at historically high levels. A bullish bar in June confirming this month’s gain could be the base of another leg up. If this happens, it will mirror those of January 2021. Another 40% gain versus Bitcoin could see ETH close above 0.08 BTC, propelling the coin closely toward 2017 highs.\u00a0 Overall, Bitcoin has been firm. From September 2022, BTC has been outperforming ETH, erasing gains from 2020 and 2021. The result was a descending channel, though this phase of lower lows also had relatively low participation levels. Technically, based on a volume analysis, this is bullish for ETH. Even so, a close above 0.08 BTC would be a strong testament from the bulls. It could potentially set a foundation to cement ETH, further narrowing BTC’s dominance. Spot Ethereum ETFs To Drive Demand: Path To $4,900? Over the years since launching and the final approval of spot Bitcoin exchange-traded funds (ETFs) in January, the digital asset was the only one recognized by the United States Securities and Exchange Commission (SEC). Because of this advantage, the approval of the derivative product has seen BTC become an institution’s go-to asset. Wall Street players like Fidelity and BlackRock have been enabling exposure to BTC via spot ETFs over the past four months, resulting in billions being poured into the asset.\u00a0 Related Reading: Chart Whisperer Spots Algorand Breakout: Get Ready For A 50% Rally However, this changed last week when the United States SEC approved listing all spot Ethereum ETFs. ETH staking was removed from amended 19b-4 files. Still, the fact that Ethereum is almost being clarified represents a massive boost for the network and the platform. ETH prices shot by as much as 30% in response, outperforming Bitcoin. It is highly likely that ETH prices will continue rising in the coming weeks. Though it remains to be seen how the reception will be, especially among investors, the coin, like BTC prices post mid-January 2024, will rally, perhaps breaking $4,100 and even all-time highs of 2021.\u00a0 Feature image from iStock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":609288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,679,65296,1946,6931,89583,91198],"class_list":["post-610050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-bitcoin-price","tag-ethbtc","tag-ethereum","tag-ethereum-price","tag-spot-bitcoin-etfs","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\nETH\/BTC Bounces From A 7-Year Support Trend Line: Ethereum To $4,900?<\/title>\n<meta name=\"description\" content=\"Ethereum finds support at a key support trend line. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"ETH\/BTC Bounces From A 7-Year Support Trend Line: Ethereum To $4,900?","url":"http:\/\/wncen.com\/news\/ethereum\/eth-btc-bounces-from-a-7-year-support-trend-line-ethereum-to-4900\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/eth-btc-bounces-from-a-7-year-support-trend-line-ethereum-to-4900\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/iStock-1336958337.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/iStock-1336958337.jpg?fit=1254%2C836"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","ethbtc","ethereum","ethereum price","spot bitcoin etfs","spot ethereum etfs"],"dateCreated":"2024-05-27T19:30:14Z","datePublished":"2024-05-27T19:30:14Z","dateModified":"2024-05-27T19:30:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"ETH\\\/BTC Bounces From A 7-Year Support Trend Line: Ethereum To $4,900?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/eth-btc-bounces-from-a-7-year-support-trend-line-ethereum-to-4900\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/eth-btc-bounces-from-a-7-year-support-trend-line-ethereum-to-4900\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/iStock-1336958337.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/iStock-1336958337.jpg?fit=1254%2C836\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"ethbtc\",\"ethereum\",\"ethereum price\",\"spot bitcoin etfs\",\"spot ethereum etfs\"],\"dateCreated\":\"2024-05-27T19:30:14Z\",\"datePublished\":\"2024-05-27T19:30:14Z\",\"dateModified\":\"2024-05-27T19:30:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/iStock-1336958337.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/610050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=610050"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/610050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/609288"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=610050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=610050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=610050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}