This is the monthly time frame chart of Ethereum BTC pair. Ethereum price is currently accumulating near its monthly resistance. If a breakout occurs from this level, Ethereum and the altcoin market are likely to turn bullish.
Above, we discussed the monthly resistance. If we zoom in and look at the daily time frame, Ethereum's BTC pair had been forming lower lows for the past 6 months. After 6 months, it has formed its first lower high. This indicates an internal structure change, suggesting a shift, though it represents positive momentum.
conclusion
If Ethereum breaks this monthly resistance, it will bring significant positive momentum to the altcoin market, and you can expect an aggressive pump. Keep a close eye on Ethereum's BTC chart.
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