Crypto traders anticipate Ethereum (CRYPTO: ETH) to break out further against Bitcoin (CRYPTO: BTC) in the days to come.
What Happened: On Tuesday, the ETH/BTC trading pair reached a high of 0.0828, exceeding its previous yearly high seen on May 15.
Raoul Pal, global macro investor and founder of Real Vision, called ETH/BTC “the most important chart in digital asset markets right now.”
The ETH/BTC chart is in my opinion the most important chart in digital asset markets right now. A break higher will lead to more risk seeking into year end. BTC will go higher too. pic.twitter.com/iCef2UZZBw
— Raoul Pal (@RaoulGMI) November 25, 2021
This sentiment was shared by popular crypto trader Cobie, who highlighted ETH/BTC is now the highest it has been in the last three and a half years
Ethbtc starting to make new highs, now highest it has been for around 3.5 years
It has only been higher than it is right now for a total of 14 weeks of it’s entire 6 year history, pretty interesting
Gonna be a wild month or two whatever happens next https://t.co/SwVleMz9C8
— cobie (@CryptoCobain) December 1, 2021
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Some crypto traders such as the founder of crypto trading group Crypto-TA didn’t believe the chart was really all that bullish.
I see many tweeting ETHBTC chart looks so good…..|
All I see is a rising wedge with bearish divergence and it looks more like it’s gonna break down.This chart only looks good when it breaks out to the upside. pic.twitter.com/Pnvre58zAx
— Crypto_Ed_NL (@Crypto_Ed_NL) November 29, 2021
The trader later reversed his skeptical stance and admitted that he “underestimated ETH’s strength” while confirming ETH/BTC did in fact break out on Tuesday.
ETHBTC
Breaking out, looks like I underestimated ETH’s strength!
I also thought the reversal signs in FSVZO indicator would play out before the break out but it didnt care. (pic2)
Now do a retest and break that RSI trend and we can be full bull (for those who weren’t yet) pic.twitter.com/uQRxf7ifnt— Crypto_Ed_NL (@Crypto_Ed_NL) November 30, 2021
Year-to-date, Ethereum has rallied by over 500% while Bitcoin has gained 96%, meaning Ethereum is outperforming Bitcoin by the largest amount since it was created in 2015.
Price Action: As of Wednesday afternoon at publication, BTC is trading at $58,440.96, up 2.29% in the last 24 hours. ETH was trading at $4,691, gaining 2.56% over the same period.
Photo by Executium on Unsplash
