Ethereum price is up nearly 95 percent this year. | Source: Shutterstock
By CCN Markets: On May 21, a pseudonymous cryptocurrency technical analyst named “Rampage” posted on Twitter that ETH/BTC is about ready to catch up to ETH/USD. In a tweet, the attached an image in which the price action of two markets is overlaid in a single chart.
The analyst predicts that Ethereum will move higher against bitcoin and follow the price action of its USD counterpart:
— 𝓡𝓪𝓶𝓹𝓪𝓰𝓮 🦍 (@Thrillmex) May 21, 2019
We’re covering this particular tweet because of a compelling technical analysis on why Ethereum is bullish against bitcoin. Within the same tweet, the person behind the account created a thread to support the forecast.
For instance, on May 24, the analyst emphasized how Ethereum converted the former resistance of 0.03 into support. In our book, that’s seemingly bullish price action as it shows rejection of lower prices.
Here is an illustration of Ethereum flipping a key resistance area into support:
Zoomed in because you can’t actually see the stop on previous post.
Decisive close under this swing low + HTF s/r flip and i’m out.
— 𝓡𝓪𝓶𝓹𝓪𝓰𝓮 🦍 (@Thrillmex) May 24, 2019
Longer Timeframe Ethereum Analysis
The analysis also points to an ultra bullish take on a longer time frame.