In this article, we’re going to look at the differences in price movement between Bitcoin (BTC) and Ethereum (ETH) to determine which coin does better in July.
The short-term ETH movement looks more optimistic than the BTC movement. Additionally, the ETH / BTC pair is showing signs of a bullish reversal, making it more likely that ETH will outperform BTC in July.
ETH has fallen since it hit an all-time high on May 12th. Throughout the decline, ETH followed a descending line of resistance.
So far, it hit a low of $ 1,730 on May 23. On June 22nd, ETH created a double bottom pattern near the same level. This is seen as a bullish pattern. Is also associated with a bullish divergence in the MACD.
Thereafter, ETH broke out of the aforementioned descending resistance line. Ethereum’s price is currently confirmed as a support.
The next resistance is at $ 2,724, 0.382 fib retracement resistance.
Technical indicators are still not up. The RSI has not yet crossed the 50 mark, the stochastic oscillator has not yet produced a bullish crossover, and the MACD histogram is not positive. These must occur for the trend to be viewed as bullish.
Measured from the low of June 22nd, the current ETH high has risen to 34.62%. Although it has fallen since then, there is no overlap (red line) with the previous high, allowing for the possibility of the uptrend continuing.
BTC has also fallen since its all-time high on April 14th.
Bitcoin has been trading in a range of $ 40,500 to $ 31,400 since May 19. On June 22, Bitcoin hit a low of $ 28,805 before rebounding sharply.
The upward movement was initiated by a very significant bullish divergence in the MACD, RSI and Stochastic. However, the RSI has not yet passed the 50 mark and the stochastic oscillator has made a bearish crossover.
So judging by the daily timeframe, the price action is more bullish for ETH, but the technical metrics are more bullish for BTC.
Starting from the June 22 low, the current BTC high is up 27%. Bitcoin has since fallen and has significant overlap with the previous high, suggesting the move is in a correction.
Alternatively, it is possible that the price is trading within an ascending wedge in what is considered a bearish pattern.
Compared to ETH, the short-term move for BTC looks much more bearish.
ETH / BTC has been up since it hit a low of 0.055 on June 27. The low was created right at the 0.5 fib retracement support.
So far the pair has hit a high at 0.065.
Technical indicators are increasing. MACD has shown a bullish reversal signal and is almost above zero.
The RSI has moved above the 50 level and the Stochastic Oscillator is on the verge of a bullish crossover.
The short term 2 hour chart is showing the beginning of a bullish impulse. After the rejection, ETH tries to find support between the 0.5-0.618 fib retracement support levels at ₿0.058 – ₿0.06.
A higher low at this level confirms the upward trend.
Synthetic
You may be interested in:
The crypto scene is constantly evolving, and certain currencies show significant promise for the upcoming…
While some altcoins like PEPE, XRP, ONDO, and PYTH may not show significant short-term growth,…
Ripple Trading Volume Increases 40% Quarterly Amid Ongoing SEC Lawsuit
Notcoin first campaigns will be launched next week, offering rewards but cautioning against unstaking.
LayerZero Labs wraps up LayerZero sybil self-report and identifies 803,093 potential fraudulent addresses.
The Coinbase outage was attributed to an error in the Coinbase Card reward service, causing…
This website uses cookies.