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ETH Set to Outperform BTC? - This Chart Says Yes
Ether looks set to outperform Bitcoin, at least that's what the BTC/ ETH Ratio says, with the presence of a clear head and shoulders pattern, which would suggest that the ratio of BTC/ ETH may well narrow to as little as 15:1 (this would equate to a price of ether of $2,400 USD at present time).
This pattern is even more easily discernible on an inverted chart of BTC/ ETH
'Inverse head and shoulders' (BTC/ ETH Ratio inverted)
This case for a period of ETH outperformance is strengthened with the current consolidation that BTC is experiencing, namely a pennant, clearly visible on the 4hr chart, with a potential bearish break resulting in a move ranging from $35,000 USD to $31,000 USD,
Couple this with the fact that ETH has yet to make new ATHs and is only a stones throw away from prior highs at $1,600 USD and it is easily possible to see the BTC/ ETH ratio at around 18:1
ONE way (not the only way), that this ratio could be achieved would be a fall in BTC to around $30,000 USD (a bearish move out of the pennant) and ETH to just reach prior highs at $1,600 USD, this would equate to a ratio of 18.75:1
In other words an outperformance of BTC of nearly 2:1
-TradingEdge
This pattern is even more easily discernible on an inverted chart of BTC/ ETH
'Inverse head and shoulders' (BTC/ ETH Ratio inverted)
This case for a period of ETH outperformance is strengthened with the current consolidation that BTC is experiencing, namely a pennant, clearly visible on the 4hr chart, with a potential bearish break resulting in a move ranging from $35,000 USD to $31,000 USD,
Couple this with the fact that ETH has yet to make new ATHs and is only a stones throw away from prior highs at $1,600 USD and it is easily possible to see the BTC/ ETH ratio at around 18:1
ONE way (not the only way), that this ratio could be achieved would be a fall in BTC to around $30,000 USD (a bearish move out of the pennant) and ETH to just reach prior highs at $1,600 USD, this would equate to a ratio of 18.75:1
In other words an outperformance of BTC of nearly 2:1
-TradingEdge
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