Ethereum price in Bitcoin can rise to 0.01 BTC in the coming months, technicals suggest.
) this year to hit 0.1 BTC for the first time since 2018 as it forms a classic bullish continuation pattern., the pattern forms when the price fluctuates inside a range defined by rising trendline support and horizontal trendline resistance. It typically resolves after the price breaks out in the direction of its previous trend.
In other words, the ETH/BTC pair could reach the next big resistance level at 0.1 BTC in 2023, or 35% from the current price levels.Nonetheless, it is important to mention that ETH/BTC has attempted to break above the triangle's resistance trendline eight times since May 2021. The attempts included two major breakouts in November 2021 and September 2022, which saw the pair rallying 14% and 9%, respectively.
Such a move would risk crashing ETH toward the triangle support, which coincides with its 50-week exponential moving average , represented by the red line in the chart above, near 0.070 BTC, down nearly 6% from the current price levels.Ether’s bullish setup versus Bitcoin appears as ETH dominance has doubled versus other crypto assets in the past few years.
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