Bitcoin and Ethereum are displayed Gained momentum again after recovery It’s up more than 7% in the past week. A cryptocurrency analyst has shared a detailed analysis as the bearish trend gradually reverses. ETH/BTC chartpredict the next move of a trading pair. This analysis highlights key upside targets, identifies specific sell zones, and indicates when traders should consider taking profits.
Ethereum approaches major sell zone against Bitcoin
Explained by virtual currency market engineer John Carter bullish setting According to Carter, Ethereum has reached a key decision point versus Bitcoin, with the price hovering around a key technical level within a broadening wedge pattern. This setup indicates a potential breakout and highlights a well-defined resistance zone. selling pressure expected to appear.
Notably, Mr. Carter said Ethereum is currently nearing its long-term interest rate cap Broadening wedge On the weekly chart. This structure has guided Ethereum’s performance against BTC for several years, with the price expanding between expanding trend lines.
Recently, ETH/BTC has bounced off the lower support zone of the Broadening Wedge, confirming that buyers are defending that level. The rebound from the support was sharp and clear, and after touching the lower limit of the wedge, the pair rose to its feet. strong recovery legs. This rally pushed the price back into the upper half of the wedge and set ETH/BTC on a direct path towards resistance.
According to Carter, ETH/BTC is currently completing the final stages of consolidation within the wedge. As a result, a breakout signal is emerging as the price tightens around resistance and the trading pair sustains higher lows. If ETH/BTC confirms a breakout above the wedge, Carter predicts that ETH/BTC will rise to the original target of $0.041, matching the previous consolidation area.
Beyond that, the price could rise by $0.051 and $0.060. The final upside target is set at $0.081, which coincides with a broader resistance zone on the chart. Analysts mark this resistance as sell zoneindicates when traders can start taking profits.
Analyst outlines key support levels for ETH/BTC
In his analysis, Carter also identified several zones of support that could serve as important levels of protection in the following cases: Ethereum is facing a pullback against Bitcoin. The first major support zone is located near the top of the Broadening Wedge pattern at approximately $0.031. Below that, analysts have identified another support level at $0.026.
If the price falls below $0.026, the next support to note is around $0.022, representing a decline of around 35% from the current level above $0.034. Carter predicts that if a further severe correction occurs, ETH/BTC could fall to $0.0185, a level marked on the chart as a “support zone” for the broadening wedge. A move below this support is likely to push ETH/BTC towards the lower end of the wedge extending to $0.010.
Featured image created by Dall.E, chart on Tradingview.com
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