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Home Technical analysis ETH

Technicals Point To Extended Ethereum Dominance Over Bitcoin

Tony Spilotro by Tony Spilotro
1 month ago
in ETH
Reading Time: 3min read
Technicals Point To Extended Ethereum Dominance Over Bitcoin

3d illustration of bitcoin and ethereum coins over blue background

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Although institutional interest has undeniably been focused on Bitcoin, Ethereum’s lower cost of entry and unstoppable momentum, have allowed the altcoin to outperform the top crypto asset by market cap recently.

A near flawless technical pattern yet to break out coinciding with a trend strength measuring tool approaching pivotal levels, suggests Ethereum’s dominance over BTC not only will continue for the time being, but the intensity will soon increase substantially.

Ethereum Breaks All-Time High, Restores Hype In Altcoins

Ethereum this week finally surpassed its former all-time high of $1,400 set back in January 2018. Bitcoin’s waning momentum has turned capital flows toward the second-ranked cryptocurrency and top altcoin ever since.

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Related Reading | Ethereum Open Interest Reaches All-Time High Alongside Record Breaking Rally

Dmytro Volkov, CTO of CEX.IO says that although Bitcoin trading volume has “doubled” recently on renewed “hype,” Ethereum trading turnover on the platform has increased three-fold during the same timeframe. The ETHUSD trading pair specifically soared to over five times the average trading volume, accounting for as much as “20%” of the platform’s total volume.

Top industry analysts expect Ethereum price to follow the trading volume and double now that the record has been smashed, much liked Bitcoin did. But that’s not the only pattern that the altcoin could soon repeat.

ethreum bitcoin tradingviewEthereum could soon repeat Bitcoin's breakout | Source: ETHBTC on TradingView.com

ETHBTC Forms Near Flawless Technical Pattern On The Verge Of Powerful Breakout

The chart pictured above shows the symmetrical triangle pattern formed over the last several years between the altcoin and top cryptocurrency.

After the first year of price action, the trend has mostly favored Bitcoin. But that is all about to change. Much like Bitcoin’s enormous breakout against the dollar once it smashed through the top trendline of the triangle, Ethereum is ready to do the same against BTC.

And given the momentum that Bitcoin has on its own, the rally in Ethereum is poised to be something for the history books.

ethreum bitcoin tradingview adx

Momentum is building up pressure below resistance for a strong breakout | Source: ETHBTC on TradingView.com

A breakout appears imminent, backed by building bullish buying pressure and an almost nonexistence presence of sellers, according to the Average Directional Index and the Directional Movement Index. These tools combined show when buyers or sellers are in control, and how powerful the strength of the trend is.

Currently the red line on the DMI has sunk far below the green line. The bullish crossover points to more upside ahead, while the ADX itself growing to above 20 suggests the trend is only starting.

Related Reading | Capital Manager: Ethereum Will Double In Two Weeks Once ATH Is Broken

A coinciding inverse head and shoulders and rounding bottom formation has built a base at which Ethereum will launch against Bitcoin from.

Unless there’s a sudden and sharp reversal across the board, the top altcoin will give Bitcoin a run for its crypto market dominance in the months to come.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinsaverage directional indexbitcoinbtcbtcusdcryptoETHethbtcethereumethusdETHUSDTsymmetrical triangle
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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