How One Ethereum Could Soon Be Worth Half A Bitcoin

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:14 pm

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum just cleanly broke above $2,000 for the first time ever, and the altcoin has been soaring since. The milestone has revived talk about an altcoin season and even a “flippening” of Bitcoin itself.

And while that’s unlikely to happen, technical analysis of the ETHBTC pair could suggest that one full Ethereum will soon be worth nearly half a full Bitcoin. Here’s a closer look at the bottoming pattern on the trading pair that could spark the first true altcoin season since 2018.

Face That Facts: Ethereum Riding DeFi High, More Bullish Than Bitcoin

The cryptocurrency market has matured over the last several years. Bitcoin is now being widely adopted by institutions as a hedge against inflation. Ethereum, once the playground for ICOs and fly by night altcoins, has now become a hotbed for value, generated from various DeFi projects, NFTs, stablecoins, and more.

As well as Bitcoin is doing, it is Ethereum that is blossoming into an enormous ecosystem, and things are only going to be better when scalability is finally addressed properly.

Rising fees have been a costly side effect of the DeFi explosion, but is also a sign that Ethereum is the place on the blockchain that everyone wants to be. To get in, you’ve got to pay the price of popularity.

The demand for ETH gas required for each and every transaction has helped the altcoin outperform even Bitcoin. But according to technicals, one full ETH could be worth around half a BTC, and then some.

Breaking above resistance could cause fireworks on the altcoin/BTC ratio | Source: ETHBTC on TradingView.com

How Adam And Eve Could Birth An Altcoin Season

The chart above of the ETHBTC trading pair shows a massive Adam and Eve double bottom structure. Based on the measure rule, the target of the sizable pattern would result in a move to the 0.7 range on the ratio.

That means, that each Ether token would be worth roughy 70% of a full BTC. At current Bitcoin pricing, that would send Ethereum to $42,000 per ETH.

A more likely scenario, is that due to how crowded Bitcoin is for a trade right now, the top cryptocurrency sees a strong correction, while Ether prices continue to dominate for the time being.

The same applied measure rule would take ETH to the neckline of the "Eve" | Source: ETHBTC on TradingView.com

For those skeptical about the validity of such a claim, the above chart displaying the measure rule target of a head and shoulders pattern almost perfectly lines up with current all-time high resistance on the ratio.

The pattern confirming, would take Ethereum to the neckline of the larger Adam and Eve structure on the Bitcoin pair. A further breakout there, could result in enough upside momentum for Ethereum to achieve halfway status to Bitcoin at the very least.

A breakout of the neckline should also solidify the chances of a greater crypto market altcoin season.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.