Ethereum-Bitcoin Price Ratio 11-Month Low, Will ETH Reach $2,000?

Key Points:

• The Ethereum/Bitcoin price ratio has dropped to an eleven-month low due to the recent increase in Bitcoin’s price.
• The latest surge in Bitcoin has been driven by market excitement around BlackRock’s Bitcoin spot ETF proposal.
• While Ethereum’s price has been relatively stable, it faces resistance at various levels, and caution must be exercised when considering its future price movements.

The latest surge in Bitcoin has been fueled by the excitement around BlackRock’s Bitcoin spot ETF proposal, which has sent the Ethereum/Bitcoin price ratio down to an eleven-month low.

The price ratio of Ethereum to Bitcoin has dropped to 0.0615. This corresponds to a 1% growth in Ethereum vs a 10% increase in Bitcoin in June.

Bitcoin has lately risen on market anticipation that BlackRock, the world’s biggest asset management, would have its proposal for a Bitcoin spot ETF approved by the US Securities and Exchange Commission (SEC). The announcement that well-known financial organizations Invesco and Wisdom Tree would seek the SEC for approval of similar products backed by Bitcoin.

The fact that Bitcoin was not included among the 19 cryptocurrencies that were designated as securities, which the SEC recently launched a case against Binance and Coinbase, is also cited as an advantage for Bitcoin.

The Ethereum price has been stable in recent months, hovering between the $1,000 and $2,000 psychological thresholds. ETH had approximately four equal highs and four higher lows throughout this period.

ETH’s price has bounced back from its nearest support of $1650, although it broke the previous downtrend line created, the current exuberance has abated somewhat with the current low. Resistance is formed at the $1925 price area. The next significant obstacle is $1,950. A good break over the $1,925 and $1,950 resistance levels might propel the price much higher. The next level of resistance is at $2,000, over which Ethereum might surge to $2,050.

Another confluence needs to be considered as the ETH price is also trading at the 50% Fib level; if we are cautious, we should wait for a retest of the $1815 price zone at the 38.2% Fib level or a deeper drop but confidence a sudden bullish signal appears when touching the trend line.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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