ETH/BTC Tests Four-Year Resistance Level. Here's What It Means.
The ETH/BTC pair is testing a four-year resistance level against a backdrop of a rising copper-to-gold ratio. According to market analyst Michael van de Poppe, after nearly four years of underperformance, the altcoin is approaching a critical technical test against Bitcoin.
The copper-to-gold ratio is rising after breaking its long-term downtrend structure. The analyst suggests ETH/BTC could follow a similar path if it overcomes the remaining technical resistance. Historical cycles indicate that ETH/BTC recovery typically began three to six months after the copper/gold pair bottomed. If this pattern holds, Ethereum could break its long-term resistance against Bitcoin in the coming weeks.
However, macroeconomic conditions remain unfavorable for risk assets. Analysts cite a 60% probability of a September rate hike and the 10-year Treasury yield nearing 4.6% as headwinds for high-risk markets. Confirming a breakout would require a sustained weekly close above the long-term resistance level and for the ETH/BTC pair to hold above reclaimed moving averages.
At the time of writing, Bitcoin was trading at $63,912, down 1.76% over 24 hours, while Ethereum corrected 1.51% to $1,907.
cryptonews.ruYesterday 07:04
