I see Bitcoin and Ethereum Regain your vitality after recovery Last week it rose more than 7%. With the bearish trend slowly reversing, a cryptocurrency analyst shared a detailed analysis of the following: ETH/BTC chartPredict the next move of a trading pair. The analysis highlights key upside targets and identifies specific selling zones, letting traders know when they can consider taking profits.
Ethereum approaches key sales territory for Bitcoin
Cryptocurrency market technologist John Carter explains: optimistic setting According to Carter, Ethereum has reached a critical decision point against Bitcoin, with the price hovering near a critical technical level within a Broadening Wedge pattern. The setup points to a potential breakout and highlights a clearly defined resistance area. selling pressure It is expected to come out.
Especially Carter stated Ethereum is currently approaching its long-term upper limit. extension wedge On the weekly chart. This structure has driven Ethereum’s performance versus BTC for years, with the price expanding between increasingly wide trend lines.
Recently, ETH/BTC bounced from the lower support area of the Broadening Wedge, confirming that buyers are defending that level. Recoil from the support was sharp and clear, and the pair launched after contact with the bottom border of the wedge. strong recovery legs. This upward move pushed the price back towards the top of the wedge and set ETH/BTC on a direct path towards resistance.
According to Carter, ETH/BTC is now completing the final stages of integration within the wedge. As a result, a breakout signal is emerging as the price tightens near the resistance line and the trading pair holds higher lows. If ETH/BTC confirms a break above the upper limit of the wedge, Carter predicts it will move up to the initial target of $0.041, which is in line with the previous consolidation zone.
Beyond that, the price could rise by $0.051 and $0.060. A final upside target has been set at $0.081, which overlaps with the wider resistance area on the chart. Analysts mark this resistance as: dealershipIt shows when traders can start taking profits.
Analyst outlines critical support levels for ETH/BTC.
In his analysis, Carter also identified several support zones that could serve as key levels of defense when: Ethereum is facing a downward trend Against Bitcoin. The first major support zone is near the upper border of the Broadening Wedge pattern around $0.031. Below that, the analyst pointed to another support level at $0.026.
If the price falls below $0.026, the next notable support would be around $0.022, which would represent about a 35% decline from the current level above $0.034. In case of a deeper correction, Carter predicts that ETH/BTC could fall to $0.0185, a level marked on the chart as the “support zone” of the Broadening Wedge. A move below this support will likely push ETH/BTC towards the lower limit of the wedge, heading towards $0.010.
Featured image created with Dall.E, chart from Tradingview.com
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