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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.
Door Damanick Dantes
Bijgewerkt 14 sep 2021, 1:39 p..m.. Gepubliceerd 13 aug 2021, 9:30 a..m.. 1 min readVertaald door AI
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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Ether drops below $2,000 amid heavy selling pressure, yet futures open interest hits a record high. This divergences suggests aggressive shorting.
Wat u moet weten:
- Ether has fallen below $2,000 for the first time since March amid rising risk aversion, with losses of nearly 8% over the past week.
- Open interest in ether futures has hit a record high even as prices drop, a combination that suggests aggressive leveraged selling and a bearish market tilt.
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