The decline in the ETH/BTC chart suggests crypto investors preferred to weather the storm in Bitcoin as the best potential store of value.
However, Ethereum’s price action over the past few weeks indicates a potential trend reversal is in progress.
As shown in the chart above, the previous two weekly candles have long wicks into support zones without any continuation to the downside. Notably, this area (0.021) was a major resistance level throughout the second half of 2019. Now it looks like bulls are making a move to flip this resistance into support with a massive surge to start the week, which is an indicator of additional upside to come.
Based on this, it seems likely that Ethereum will continue outperforming Bitcoin, at least in the near-term.
Investors can trade Bitcoin and Ethereum commission-free and earn $25 in BTC by signing up for the Voyager app through this link and trading $100 (or use code: SLUDGE25).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.