Ethereum’s value against bitcoin may have seen its lowest point after a mini bull run recently as pictured above.
It has been rising since the 14th of May, with an attempt to restrain it by bitcoin maxis at the opening of this month failing and quite considerably.
More importantly however, ethereum’s ratio has been rising since September, zig zaging at times but since then it appears to have moved generally in just one direction.
Has ethereum’s ratio bottomed? June 2020
We’ve zoomed out a lot here at the expense of the point we want to make, but if we had chosen the starting point as September, then the rise and even a double bottom would be a lot clearer.
We’ve zoomed out however because we want to show the far bigger potential trend with the ratio currently being at a resistance line.
So our suggestion that it may have bottomed is probably not helping because of the contrarian traders, but we can clearly see why bitcoiners tried to make it dive as the attempt was at a pretty ‘perfect’ level.
A failed attempt, with it unclear whether that tells anything, but on hourly candles the ratio has been sidewaying recently. Read More