Investing.com | Editor Hari G
Published Oct 27, 2023 11:22AM ET
Despite trading at a historical low against Bitcoin, Ethereum’s price is showing bullish signs, including a recent 15% rally in the ongoing bull market cycle. This comes as part of the typical pattern where Bitcoin surges first, followed by Ethereum and other cryptocurrencies.
The ETH/BTC weekly timeframe chart displays both bullish price action and an Elliott wave count, suggesting potential growth. Crypto trader @cryptotony__ has predicted that Ethereum’s price could exceed $2,000.
However, Ethereum continues to face bearish pressure as it trades below a 190-day descending resistance trendline. Despite this, bullish signals are emerging that suggest the price may bottom out soon. Ethereum has bounced at long-term support levels at ₿0.051 and has a low Relative Strength Index (RSI) value of 27, which is the lowest since July 2019.
These indicators may suggest a potential turnaround for Ethereum’s price against Bitcoin in the coming period. The cryptocurrency market will be closely watching these developments as Ethereum navigates its current challenges and opportunities in the ongoing bull market cycle.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
