Ethereum (ETH) gaining strength against Bitcoin (BTC) – altseason coming?
Ethereum price remains stagnant between $3000 and $3100 as the markets turn slightly bearish after a minor ascending pull.
Meanwhile, the short-term price action of ETH/BTC suggests Ethereum is about to face some weakness against Bitcoin as the levels are heading to hit lower support.
However, in the long term, the ETH/BTC seems to be heading to the end of the falling wedge that began in the second half of 2022. As the weekly RSI is bullish and moving within a rising parallel channel, the possibility of a continued upswing remains pretty high. Therefore, after a brief consolidation, the ETH/BTC is expected to trigger a breakout above the resistance and reach the mid-range between 0.06 and 0.061 BTC.
However, to begin with, in an altseason, the levels are required to maintain a strong ascending trend hereafter. Once the levels surge above 0.085 to 0.09 BTC, traders can expect highs, which may be followed by a price slash.
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