Ethereum continues to languish against bitcoin. Here’s what it needs to break the downward spiral. | Source: Shutterstock
To say that Ethereum is weakening against the king of cryptocurrencies would be a huge understatement. The ETH/BTC pair is down by nearly 50% year-to-date as it languishes in bear territory for 17 months and counting. The sentiment is so overwhelmingly bearish that some traders are happy to short the crypto pair.
— Suprematic Wassie (ex_hermit) (@GothBtcSinner) September 10, 2019
Nevertheless, big accounts in the Crypto Twitter community are starting to feel that the worst is over for the pair. If you’ve been HODLing, you may want to listen to what the widely-followed DonAlt has to say.
Analyst: Ethereum/Bitcoin Fractal ‘Playing Out Magically So Far’
On July 10th, DonAlt shared on Twitter a chart of the ETH/BTC pair illustrating a fractal that involves one dump to support at 1,500,000 satoshis before a “mega moon” to 20,000,000 satoshis.
I posted this a few months ago but can’t find the post anymore.
Playing out magically so far.
The ETH fractal – dump it into mega moon. pic.twitter.com/UZHZ5Xa8zY
— DonAlt (@CryptoDonAlt) July 10, 2019
The trader then provided an update on August 15th. At the time, the cryptocurrency was hurling towards support of 1,500,000 satoshis. In the tweet, the analyst wrote,
This is starting to get spooky now. 0.015 (1,500,000 satoshis) is really good support for ETH.
$ETH hopium update:
This is starting to get really spooky now.