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Ether (ETH) is more valuable in Bitcoin (BTC) than at any time since the beginning of the year amid renewed demand for altcoins.
Cointelegraph Markets Pro and TradingView We confirm that ETH/BTC has cleared a major resistance to cross 0.08 BTC on August 13th.
For the largest altcoin, Ethereum, the move is impressive.
At the time of writing, ETH/BTC is working to maintain its newly acquired levels and traders are wondering how long that strength will last.
As Cointelegraph previously reported, ETH/USD surpassed $2,000 overnight. This is an important psychological boundary not seen since May.
it won’t last long
Crypto Tony (@CryptoTony__) August 13, 2022
Noting the trend piling up on altcoins in development, on-chain analytics firm Glassnode has noted investor desires for greater risk exposure in the current climate.
Swissblocks Altcoin Cycle Signal finds some of the power of bitcoin has waned as investors invested in altcoins in a low-risk environment, co-founders Yann Allemann and Jan Happel said in their latest edition. ” unknown Newsletter.
Ethereum has outperformed Bitcoin and boosted altcoins since the Ethereum merger became clearer.
The overall altcoin market capitalization also hit its highest level since the end of May this week, surpassing $700 billion, according to TradingView and TradingView figures. coin market capitalization.
Turning to Ethereum’s potential price target, traders remained conservative after months of rally.
Related: Price Analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
ETH to $2200 as long as it stays above $1737 popular account Crypto Chase wrap up.
Once an untapped high starts to tap (and if a reversal is not given), the rest of the highs usually suffer the same fate. Although we haven’t looked to the exact levels or long-term opportunity set-ups yet. , I’ll update if I see. 1.”
“LTF Trend v Bullish: Looking for breakout if $2,000 charged –> $2.4,000” Fellow account Karoush AK continuation.
“HTF Trend Neutral Bearish: This is not a bull market, not a bear market. Below the $2,000 resistance water bag holders have an opportunity to avoid risk.”
Meanwhile, in its latest market update for Telegram channel subscribers, trading firm QCP Capital reiterated that a cautious approach is needed to gain further profits in the burgeoning altcoin market.
Of particular interest is the derivatives market Open Interest (OI), where ETH has almost doubled BTC activity.
ETHBTC breaks through the 0.08 level, ETH options open interest (OI) reaches an all-time high of $8 billion, eclipsing $5 billion BTC options OI. This is unprecedented, it said. I am writing.
ETH futures traded below -8% (annualized) versus spot in September, leaving concerns over hard forks. Long spot and short futures spread positions making some gains. “
He added that Ethereum’s September Merge event could be an inflection point for the market.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
