Ethereum Surges Past Three-Month High Against Bitcoin
Ethereum's recent outperformance has been fueled by $57.39 billion in inflows into the total crypto market capitalization since July 24th, which has helped power its strength against Bitcoin.
The ETH/BTC pair has printed its highest weekly close in 12 weeks at 0.0289, indicating a bullish trend according to analysts.
Daan Crypto notes that the trend looks bullish but several conditions must clear before Ethereum can extend higher. His setup calls for ETH/BTC to reclaim both the 200-period moving average (MA) and the 200-period exponential moving average (EMA), while holding above 0.03, a level the pair currently sits above.
Michael Van de Poppe expects Ethereum to revisit its local high near $2,464 within his target zone, adding that 'this build-up of ETH is about to break towards $2,000+ for the first time in more than two months.'