Technical Analysis for Bitcoin and Ethereum for 4th October 2021
Ethereum stabilizes versus Bitcoin, is ETH/BTC Edging Back to 0.075 BTC?
Ethereum and Bitcoin Market Movers
Texas—whose economy is bigger than Russia and Brazil—is embracing Bitcoin, plans to be the leader in crypto and blockchain.
Ethereum is 54X more active than Bitcoin, gauging by the daily transaction fee payment.
Past Performance of ETH/BTC
ETH/BTC prices are firm after days of lower lows and horizontal consolidation in the second half of September.
The start of October re-injected demand in ETH, forcing the coin higher and aligning it with the price action of July through to August.
Even so, September losses were deep as ETH shaved roughly 14 percent against BTC.
What to Expect of ETH/BTC
The accumulation of late September is now feeding Ethereum bulls as per development in the daily chart.
In the days ahead, ETH will likely outperform BTC, printing higher in confirmation of the October 1 bull bar and in continuation of the July 2021 upswing.
For this to be valid, the 0.065 BTC support must hold.
ETH/BTC Technical Analysis
The uptrend is valid as ETH prices are outperforming BTC as per development in the daily chart.
As ETH bulls reverse from the 0.065 BTC support line with increasing volumes, as evidenced by the wide-ranging bull bar of October 1, every low might offer entries for aggressive ETH bulls.
The immediate target stands at 0.075 BTC and later 0.080 BTC—August 2021 highs.
On the reverse side, losses below 0.065 BTC invalidate the uptrend, allowing BTC bulls to take charge in reflection of September 2021's bar.
Disclaimer: Opinions expressed are not investment advice. Do your research.