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Ether Upside Strengthens Relative to Bitcoin
The ETH/BTC ratio is holding support above 0.05 and could face initial resistance near 0.08.
Updated Sep 14, 2021, 1:39 p.m. Published Aug 13, 2021, 9:30 a.m. 1 min read
Ether (ETH) broke out of a two month consolidation relative to bitcoin (BTC) last week. The ETH/BTC ratio is holding support above 0.05 and could face initial resistance near 0.08.
Ether’s outperformance could signal growing interest beyond bitcoin given the appeal of decentralized finance (DeFi) and the Ethereum blockchain’s latest network update known as the London hard fork.
The chart below shows ETH/BTC’s long-term ascending channel, which provided strong support over the past two years.
Despite ether’s underperformance relative to bitcoin during the 2018 crypto bear market, the second largest cryptocurrency has maintained an uptrend that began in 2016.
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The trader collected about $224,500 in premiums and will keep the full amount if XRP remains close to $1.40.
What to know:
- A large trader booked a "short strangle" strategy on Deribit, expecting XRP to stay close to $1.40 till the end of June.
- The trader collected about $224,500 in premiums and will keep the full amount if XRP remains close to $1.40.
- The low-volatility wager comes as macroeconomic pressures and a...
