“Ether strengthens against bitcoin, raising hopes of a bullish breakout.”, — write: www.coindesk.com
It’s unusual to see ether ETH$3,196.39the world’s second-largest cryptocurrency by market cap, showing relative strength against market leader bitcoin on a day when the market is under pressure.
Today is exactly that rare instance. While bitcoin BTC$97,039.03 has slipped over 2% on the day to around $97,200, ether remains largely steady near $3,230, per data source CoinDesk. This divergence has lifted the ether-to-bitcoin (ETH/BTC) ratio by more than 2%, signaling ether’s outperformance.
With that in mind, here are three key charts worth keeping an eye on.
ETH/BTC ratio
ETH/BTC ratio’s counter-trend consolidation. (TradingView)
The Binance-listed ratio is currently confined within a counter-trend downward channel, reflecting a pause following the sharp rally observed between May and August. The slope of this channel is relatively gentle, suggesting the price action is more of a consolidation phase rather than a full-fledged downtrend.
So, a breakout from this channel would confirm a renewed investor bias in favor of ether over bitcoin, suggesting further upside potential for the ETH/BTC ratio. Interestingly, the ratio’s MACD histogram appears poised to cross above zero, signaling a potential bullish shift in momentum.
Ether
ETH’s daily chart in candlestick format. (TradingView)
Like the ether-bitcoin ratio, ether’s dollar-denominated price is also moving in a counter-trend downward channel, with signs of seller exhaustion near $3,000, as evident from the long tails attached to the recent daily candles.
This suggests a potential for price bounce, although a clean breakout from the channel is needed to confirm a broader bullish outlook.
XRP/BTCA potential rally in ether, widely regarded as the leading altcoin, could spark rallies in other major tokens, particularly in the ratio between payments-focused XRP and bitcoin.
XRP/BTC’s multi-year consolidation. (TradingView)
The ratio continues to coil in a four-year range, building momentum for a significant breakout. Should ether surge, this could act as a catalyst for a bullish resolution in the XRP/BTC ratio, potentially triggering notable gains.
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Investors have pulled out $2.64 billion over three weeks
- US-listed spot bitcoin ETFs saw massive outflows Thursday as the spot price fell below $100,000.
- These funds have collectively witnessed an outflow of $2.6 billion in three weeks.
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