ETHBTC had strong performance yesterday with ETH rising 6.8% higher than BTC.
The Weekly Chart now shows an interesting setup with ETH having broken out of a trading channel and also now testing a long-term resistance level.
This may in fact suggest profit taking from Whales on ETHUSD and a possible rotation back into BTC, allowing the pent up pressure on BTC over recent weeks to break into a new bull run.
Alternatively, ETH may be moving to an even steeper trading channel.
Traders will watch for a break of the current resistance while hedging their bets across a diversified portfolio.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
The Weekly Chart now shows an interesting setup with ETH having broken out of a trading channel and also now testing a long-term resistance level.
This may in fact suggest profit taking from Whales on ETHUSD and a possible rotation back into BTC, allowing the pent up pressure on BTC over recent weeks to break into a new bull run.
Alternatively, ETH may be moving to an even steeper trading channel.
Traders will watch for a break of the current resistance while hedging their bets across a diversified portfolio.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
