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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Ethereum ETHBTC

WATCH: Crypto Technical Analysis August 23, 2022: Ethereum Versus Bitcoin (ETHBTC)

Tony "The Bull" by Tony "The Bull"
7 months ago
in Ethereum
Reading Time: 3 mins read
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In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at Ethereum ahead of the upcoming Merge using the ETHBTC monthly chart.

Specifically, this episode looks at the Ethereum versus Bitcoin trading pair using the Parabolic SAR, Ichimoku Cloud, and much more. Take a look at the video below.

VIDEO: Ethereum Versus Bitcoin Analysis (ETHBTC): August 23, 2022

Looking at Ethereum’s monthly chart, after a clear violation of the last uptrend ending in 2017, Ethereum entered a bear market against Bitcoin –– yet was able to build a stable rounded base over the last five years.

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Related Reading: WATCH: Daily Crypto Technical Analysis August 22, 2022: Bitcoin Price (BTCUSD)

Rounded Support And An Inverse Head And Shoulders

The rounded pattern has also potentially formed an inverse head and shoulders bottom. With a foundation built and the Merge on its way, this trade has a lot of potential. From the swing low of the pattern to the neckline produced a 350% climb.

Applying the measure rule multiplied by the pattern’s percentage of meeting its price target, the pattern’s target is roughly 250%.ETHBTC_2022-08-23_09-49-07

Will the right shoulder confirm the pattern? | Source: ETHBTC on TradingView.com
Related Reading: Ethereum Price Lost 20% Weekly, What’s The Key Support Now?

Could The Parabolic SAR Suggest The Flippening Is Ahead?

Turning on the Parabolic SAR, the tool suggests a new uptrend could be forming. Parabolic SAR stands for stop and reverse, and tells the market when that moment has occurred. Traders utilize the tool to place a trailing stop loss above or below the SAR counter to the trend.

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The last two times this signal triggered on monthly timeframes, Ethereum climbed more than 1,000% and 250% against Bitcoin respectively. The second number supports the price objective of the inverse head and shoulders pattern.

ETHBTC_2022-08-23_09-49-17

Is Ethereum about to go parabolic against Bitcoin? | Source: ETHBTC on TradingView.com
Related Reading: TA: Ethereum Could Recover To $1,800 If It Clears This Key Resistance

ETHBTC Still Stuck In The Clouds

For now, ETHBTC remains stuck under Ichimoku cloud resistance. Breaking out from the cloud could provide the thunder and lightning Ethereum bulls are looking for.

Price is above the Tenkan-sen and Kijun-sen, which are also crossed bullish. Looking back at the Chikou span, price is at a critical resistance level with only one higher resistance level remaining until price discovery occurs.

ETHBTC_2022-08-23_09-49-26

Ether can't get out of the clouds... yet | Source: ETHBTC on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: ethbtcEtherethereumethusdETHUSDTMergeThe Merge
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Tony "The Bull"

Tony "The Bull"

Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check him out on Twitter or in his free TonyTradesBTC Telegram channel. Follow @TonyTheBull on Twitter and search CoinChartist on YouTube.

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