ETH, BTC Outlook: 3 Charts to Track as Ether Strengthens Against Bitcoin
Ether is currently showing relative strength against Bitcoin, with the ETH/BTC ratio rising more than 2% as Bitcoin drops around 2% on the day. This shift signals a potential bullish breakout for Ether as its price remains steady around $3,230. The ETH/BTC ratio is confined within a counter-trend downward channel, indicating a consolidation phase rather than a decline. A breakout from this channel could lead to increased investor preference for Ether over Bitcoin. Additionally, Ether's price appears to be stabilizing near $3,000, suggesting potential for a bounce if it breaks out of its current downward trend. The XRP-BTC ratio is also in a multi-year consolidation phase, which may see movement contingent on Ether's performance. A rally in Ether could act as a catalyst for other major tokens, including XRP.
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