Categories: Market

An Ethereum rival is about to hit ATH as ETH / BTC stands ready to break out

According to analyst Pentoshi, an Ethereum competitor is keeping an eye on ATH as ETH / BTC also seems ready to take off.

The analyst says that the chart of MATIC, the native token of the Ethereum scaling solution Polygon, points to a significant increase.

“I’m not sure if there will be any basic support in the near future, but it is likely. In my opinion, the new ATH is coming soon. The bottom is higher and momentum is building. The BTC couple looks great too. ”

The source: Pentoshi

Based on the chart, Pentoshi thinks MATIC has just bounced off a critical accumulation range around $ 1.5, which enables the coin to build momentum and pricing beyond $ 2.20.

Originally developed to complement Ethereum and provide a cheaper and faster way to trade tokens on Ethereum, Polygon has since evolved as a standalone competitor. One report Recently, the blockchain development platform Alchemy showed that most of the new projects on Polygon only use the network instead of using both Polygon and Ethereum.

Watch the ETH chart, analyst comment ETH currently has a much more bullish market structure than Bitcoin. According to Pentoshi, ETH has just been rejected by $ 4,600 and is facing strong support levels at $ 3,900 and $ 3,600.

“The most important place in the market structure is here.”

The source: Pentoshi

Pentoshi believes that ETH will overtake Bitcoin at some point in the future. ETH / BTC is attempting a breakout after it has taken 7 months to establish a bullish flag.

“ETH / BTC: In any case, the ETH BTC seems to surpass the macro time frame in the future. Breakout 7 month pattern will be confirmed in 4 days.

Still an upward trend with a macroeconomic growth structure. The key is to keep ATH on the USD pair. ”

The source: Pentoshi

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.