Ethereum barriers Bitcoin price collapses as ETH / BTC hits 3-year high
Ethereum is defending the crash in Bitcoin price, with the ETH / BTC pair hitting a 3-year high, while Ethereum offsetting losses from BTC’s 21% drop over the weekend, so let’s take a closer look at our price news today’s Ethereum.
Ethereum’s native token has fallen along with other crypto assets and still hasn’t stopped it from hitting a three-year high against BTC as the leading cryptocurrency by market cap. The ETH / BTC exchange rate rose more than 11.50%, hitting 0.0835 BTC for the first time since May 2018, with a price rally in contrast to Ether’s 15% decline against the US dollar that took place in the middle of the weekend a market-wide sell-off took place, BTC fell 21% that day and it looked like Ethereum was defending BTC price.
Ether’s losses, while sizeable, were less than BTC’s in USD as the pair hit a three-year high. At the same time, some analysts believe that during the market crash, innovators began to view the second largest cryptocurrency as a haven against BTC. Cryptocurrency market analyst Crypto Birb noted:
“It looks like investors are looking at ETH as a safeguard here.”
The ETH / BTC price chart shows that the pair is falling slightly after testing the 200 period moving average. Lukas Enzersdorfer-Konrad, Product Manager at Bitpanda, who stated that the ETH / BTC degree is the best in the last 45 months, which means the cops still have some strength left for another run:
“Ethereum by far outperforms Bitcoin this year” […] It has increased its market dominance by 22%. The number of active addresses on the network continues to grow, while ETH’s net issuance continues to decline, which is probably the main reason for its rapid increase. ”
Ether shows the prospect of the uptrend continuing in a technical support pattern called the ascending triangle. The ETH / BTC pair broke out of the ascending triangle, accompanied by a slight increase in trading volume, so in a perfect world the upward movement would continue to the level of the maximum distance between the upper and lower trend lines of the triangle, measured from the breakout point. In a perfect world, the upward movement of the pair would encompass the levels so, as shown in the graph above, the triangle’s upward target from a breakout near 0.077 BTC sets a profit target near 0.1 BTC.