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Ethereum (ETH) has dropped almost 50% during the past year, eroding the confidence of investors in the second largest cryptocurrency for market capitalization. However, cryptographic analysts suggest that ETH fortunes could be about to turn.
Ethereum ready for a bullish rupture?
Unlike Bitcoin (BTC), ETH has not benefited significantly from the 2024 bullish developments. Although the approval of the funds quoted in the stock market (ETF) (ETF) SPOT BTC opened the gates so that institutional capital flows towards the upper digital asset, ETH Eth has not been able to generate the same level of interest.
In addition, eth Low performance In relation to BTC it has only deepened. Cryptographic analyst Daan Crypto Trades shared the following two -week Ethc/BTC table that shows how ETH has constantly broken the key levels of high time frames against BTC in recent years.
Currently, ETH is quoted at levels not seen since 2020 in relation to BTC. According to the analyst, the final ETH/BTC support is around 0.016, almost 20% below the current level of 0.019.
In a more optimistic note, his partner analyst Ted said that ETH can be leaving a line of tendency to the descending part in the two -hour table. He commented:
Global markets are gaining some strength, so expect Ethereum to have the level of $ 1,550- $ 1,600. For now, I wait for a break up and close above $ 1,670 for a rally to $ 2K.
Similarly, the experienced analyst Titan of Crypto stressed that ETH seems to be ready to get out of an ascending triangle pattern in the weekly period of time. According to him, ETH is currently quoted at the bottom of the structure and could be configuring to test the top of the formation of around $ 3,600.
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For the uninitiated, the ascending triangle is a continuation pattern that is formed when the price produces higher minimums while facing resistance to a horizontal level, and finally creates a form of triangle. The construction pressure of the construction is indicated, and a break above the resistance line often leads to a strong movement up.
The increase in Eth Exchange reserves could suppress the price
While previous analysts point to a possible bullish investment for ETH, cryptographic analyst Ali Martínez noted That more than 368,000 ETH were sent to exchanges since the beginning of the month. An increase in change reserves for a digital asset is usually a bearish news, since it indicates that the holders may be looking to sell their assets in the short term.
In addition, even if eth has already touched this market cycle, still faces Strong resistance around the $ 2,300 brand. At the time of publication, ETH is traded at $ 1,612, 2.7% less in the last 24 hours.
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