ETH/BTC is forming a higher low in 2024, echoing trends seen in the 2020 recovery phase.
FIB levels 0.618 and 0.786 are acting as support points for ETH’s stability against Bitcoin.
Traders are watching closely for possible rising momentum that could indicate a rally similar to the 2020 rebound.
Ethereum's ETH/BTC pair is forming a higher low, echoing 2020’s bottom structure, according to renowned expert CryptoBullet. Fibonacci regression levels—0.618 and 0.786—are proving critical for price support, sparking optimism for its recovery against Bitcoin.
Source: X
Contemporary Parallels Within 2020 and 2024
In 2020, the ETH/BTC pair witnessed a sharp lower formation near FIB levels. The retracements, specifically at 0.618 and 0.786, established robust support zones. Following this, a higher low pattern emerged, signaling bullish sentiment and setting the stage for a recovery.
CryptoBullet's comparison suggests a similar structure unfolding in 2024. The charts highlight Ethereum’s repeated reliance on these Fibonacci levels for support. Moreover, traders see potential parallels to the recovery trajectory that led to Ethereum’s rally against Bitcoin in 2020.
2024 ETH/BTC Bottom: The Technical Setup
The 2024 chart illustrates a speculative upward trendline, which CryptoBullet associates with bullish potential. Fibonacci retracements once again mark critical support zones, reinforcing the pattern observed in 2020.
The pair's higher low formation suggests renewed buying interest. Additionally, historical precedent aligns with the analyst’s projection of an upward breakout. According to the chart, a rally could follow the ETH/BTC bottoming structure.
Significantly, the speculative price projection reveals an extended trajectory upward. As 2024 progresses, traders monitor whether Ethereum will replicate its 2020 rebound and gain strength against Bitcoin.
Community and Market Reactions
The tweet showcasing the 2020-2024 comparison garnered over 113,000 views, sparking widespread debate. While some traders anticipate bullish outcomes, others remain cautious due to current uncertainties.
The post drew varied reactions, with one user humorously asking, “What do we do now?” The analyst’s response, “Who cares?” added a candid tone to the discussion. Such engagement highlights the growing attention on Ethereum’s market performance against Bitcoin.
Traders are now closely observing ETH/BTC price action, particularly the support at Fibonacci levels and the higher low structure. Could Ethereum’s performance mirror its past success?
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