ETH/BTC sees highest trading volume in over a year

[dragonvslinux]

As you can see below, ETH/BTC saw the highest green Weekly volume candle (on Binance) since February 2021 bouncing last week from 0.05 BTC and oversold levels on the Weekly time-frame.



Do you think Ethereum can now get back to the 0.06-0.08 BTC range it traded in for over a year, or that price will fall further to the 0.04 support level (as well as 200 Week MA)?

Personally I think price will eventually re-test support between 0.03 and 0.04, but not before Bitcoin recovers to $30K to $40K levels, similar to the extended drop in 2019.

Note: Not interested in analysis on USD, EUR, GBP, etc, this is completely irrelevant to it's Bitcoin price.

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[el kaka22]

I really doubt that price would test anything under 0.04, not for the moment at least. It's going to be hard, and it's going to take a while but it will go up eventually. The range above 0.08 is basically just free real estate for it, if it could ever get there, it is going to break into the levels of "competition for top position" levels to be fair, and that is why I love ETH so much, at times it is really just half of what bitcoin is, which is insane I know and still far away, but that is as close as anything else came in history.

Let's wait and see, maybe it will go down, maybe it will go up, but to me it has all the incentive to go up for the time being (go up as in against btc, not dollars).

[crzy]

The market is still unstable and I can’t see any sign of recover yet especially with Bitcoin is still down. This pair is also active since ETH is the top altcoins and BTC price is falling down that’s why many are very active to trade. The price will eventually rise, though predictions are still negative and we might see another drop despite of those small green candles, better to wait and if you see opportunity to buy grab it because ETH is still the best for me.

[RussianEnglishTranslation]

I had a position in a DeFi platform on BTC vs ETH dominance and I bet on ETH and closed my position. I am no longer bullish on Ethereum and sold it for more FTM and ICP. I think BTC is going to crush ETH in 2022.

[adaseb]

Many reasons why the volume was very high.

One of the reasons is that it’s on the weekly pivot level and basically the low of the year. So many people had stops under that area and buy orders.

Another are all those ETH liquidations that took place when all those funds couldn’t keep up their margin payments. Most of this was in ETH compared to BTC hence it took a larger dump than BTC.

[Ojengonggu]

I had a position in a DeFi platform on BTC vs ETH dominance and I bet on ETH and closed my position. I am no longer bullish on Ethereum and sold it for more FTM and ICP. I think BTC is going to crush ETH in 2022.

No it won't be possible and I'm sure bitcoin will never destroy ethereum.
As we know bitcoin and ethereum always go together from year to year where maybe bitcoin will bring destruction to ETH
All of these are just our predictions, right, but ETH doesn't necessarily end in 2022, it's just that the price is down which makes the two of them out of balance.

[2tang]

No it won't be possible and I'm sure bitcoin will never destroy ethereum.
As we know bitcoin and ethereum always go together from year to year where maybe bitcoin will bring destruction to ETH
All of these are just our predictions, right, but ETH doesn't necessarily end in 2022, it's just that the price is down which makes the two of them out of balance.

Now almost all cryptocurrencies look unbalanced because they are all the effects of price drops that occur in the market. Yes Bitcoin is not going to kill Ethereum for now as both have been going for this long and I think it still has the potential to rise again in a Bull market.

[dragonvslinux]

I had a position in a DeFi platform on BTC vs ETH dominance and I bet on ETH and closed my position. I am no longer bullish on Ethereum and sold it for more FTM and ICP. I think BTC is going to crush ETH in 2022.

No it won't be possible and I'm sure bitcoin will never destroy ethereum.

I don't think Ojengonggu means that Bitcoin will destroy Ethereum, but that BTC will crush ETH this year, which I think is quite likely. Similar to 2019 during "Bitcoin season" when BTC bounced back from $3.2K to $14K, while ETH fell 60% from 0.04 to 0.016. Ethereum price still doubled against USD, but given Bitcoin had quadrupled, it's far to say Bitcoin crushed Ethereum that year.

Even if your Ethereum doubles in value against the dollar, if it loses half of it's Bitcoin, it means you could instead be buying twice as much Ethereum for the same price, or buying it half the price if you'd bought BTC instead.  Bitcoin season has been overdue since 2021 and we haven't seen one since 2019, so I think a Bitcoin recovery will lead ETH to drop further against BTC.

[ryzaadit]

Simple research.

For the bearish, just counted based history price down. You counted from all-time high with -80% to -85%, freely to buy that zone. It's always like that and then hold until the next halving bitcoin.

You're target 20x-30x from your buy zone on bearish.

[dragonvslinux]

For the bearish, just counted based history price down. You counted from all-time high with -80% to -85%, freely to buy that zone. It's always like that and then hold until the next halving bitcoin.

It's actually more like 90%, at least from it's ATH in June 2017, baring in mind Ethereum never made a new ATH in 2021 against Bitcoin, but instead a lower high. Think you might be confusing price with dollar value here. If we count -90% from swing high, then the target would be around 0.01 BTC which seems a bit unrealistic, and would more likely signal the death of Ethereum. I personally think 50%-60% from swing high is realistic, given it's 200 Week MA is flat at 0.04 BTC (neutral) and there is a symmetrical triangle which should provide support around 0.035.

Note: Not interested in analysis on USD, EUR, GBP, etc, this is completely irrelevant to it's Bitcoin price.

[ryzaadit]

-snip-

In crypto, there is no word "Unrealistic'

Shit happen can be happened, so never say "Unrealistic" in every cycle people always say that but it's happening. Like, bitcoin reached 60,000$ and etc. Feel free to use any method trading you have. Like spread your buy zone.
- 20% of your money on buy zone -60%
- 25% of your money on buy zone -70%
- 30-40% of your money on buy zone -80% to 90%.

This spread buy, just for in case the pullback cycle from bearish to bullish so you're not late buying because chasing a really low price..

[dragonvslinux]

-snip-

In crypto, there is no word "Unrealistic'

I'd argue there is, like Bitcoin going to $1K. Sure it can happen, but I don't see that as sensible or practical. Of course if there were some fundamental reason to suggest it, it could become realistic.

Shit happen can be happened, so never say "Unrealistic" in every cycle people always say that but it's happening. Like, bitcoin reached 60,000$ and etc. Feel free to use any method trading you have. Like spread your buy zone.
- 20% of your money on buy zone -60%
- 25% of your money on buy zone -70%
- 30-40% of your money on buy zone -80% to 90%.

This spread buy, just for in case the pullback cycle from bearish to bullish so you're not late buying because chasing a really low price..

Personally I think for the ETH/BTC this buying would be senseless. If Ethereum breaks below it's 2019 low at 0.016 then this would confirm a 5 year long downtrend (lower highs and lower lows) with next support around 0.02 BTC (-98%). Anything below 70% from swing high for ETH/BTC would be majorly problematic after losing a 6 year long uptrend support, as it's only 7 years ago.

For USD values, then sure. As long as you don't mind losing half of your Bitcoin value while you're averaging, seems reasonable. But not against Bitcoin. Averaging into long-term uptrends make sense, but not averaging into long-term downtrends (like 4-6 years). That's like investing in the dollar and hoping it'll outperform Bitcoin in the next 4-6 years. It's a quick way to lose money.

[GreatArkansas]

ETH/BTC is still difficult to predict right now because of the volatility of the market and another thing is the price of Bitcoin.
But for me, if I will buy now, I rather buy Ethereum compare to Bitcoin.
If you can see the percentage price now from the all-time-high of Bitcoin and Ethereum, Ethereum is higher compare to Bitcoin, so I am expecting huge ROI on Ethereum compare to Bitcoin.

[Inspiron14]

according to the technical analysis that I made, I assume that ETH/BTC price 0.06 is a very strong resistance for now,
today it is still below it, and if it cannot pass 0.06 then the sentiment carried will always be bearish,
except for the USD price, because TA also different, it all depends on Bitcoin for now, so take it easy.

[Beparanf]

according to the technical analysis that I made, I assume that ETH/BTC price 0.06 is a very strong resistance for now,
today it is still below it, and if it cannot pass 0.06 then the sentiment carried will always be bearish,
except for the USD price, because TA also different, it all depends on Bitcoin for now, so take it easy.

You have a point. ETH price in both USD and BTCall depends on the fiat value of Bitcoin. I think the only time Ethereum denied its correlation to Bitcoin is during it’s first hype that almost reach 0.2BTC a piece but after that, Ethereum never behave hat way and always follow the price movement of Bitcoin. We might see below 0.03BTC per ETH if the price of Bitcoin dip below 15k but without the dip of Bitcoin, We might not see Ethereum to go on that level.