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" [ad_1]\r\n<br><div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p><span data-preserver-spaces=\"true\">After a crucial week for Ethereum, a technical candlestick arrangement shows that ETH prices could prepare for a sharp upturn in the coming weeks and months. </span></p>\n<p><span data-preserver-spaces=\"true\">Pointing out events in the monthly chart, one analyst </span><span data-preserver-spaces=\"true\">notes</span><span data-preserver-spaces=\"true\"> that the ETH/BTC ratio reverses from a multi-year support trend line. </span><span data-preserver-spaces=\"true\">Usually, the analyst continued, when prices bounce from this line, altcoin prices tend to react, trending higher. </span></p>\n<p><img decoding=\"async\" width=\"2560\" height=\"1393\" class=\"size-full wp-image-610051\" src=\"https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393\" alt=\"&lt;yoastmark class=\" srcset=\"https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393?w=2560 2560w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/GOkV1vMXcAAEe0o.jpg?resize=2560%2C1393?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" loading=\"lazy\" data-recalc-dims=\"1\"/></p>\n<h2><span data-preserver-spaces=\"true\">ETH/BTC Rising From Crucial Support Trend Line</span></h2>\n<p><span data-preserver-spaces=\"true\">The ETH/BTC is a ratio closely monitored by technical analysts. It compares the performance of the world’s first and second most valuable coins. </span></p>\n<p><span data-preserver-spaces=\"true\">Although Bitcoin has been firm for the better part of the last two years, the monthly chart clearly shows a descending channel, indicating an upward trend. </span></p>\n<p><span data-preserver-spaces=\"true\">So far, there have been a series of higher lows. This suggests that bulls have been soaking in selling pressure over the years, keeping prices higher.</span></p>\n<p>\n\t<h2 class=\"jeg_block_title\"><span>Related Reading</span></h2>\n</p>\n\n<p><span data-preserver-spaces=\"true\">Looking at the monthly chart, this month’s bar will close firmly as bullish. This will result in a double-bar bullish reversal pattern that may ignite demand. </span></p>\n<p><span data-preserver-spaces=\"true\">This will subsequently help pump ETH prices even higher. Even so, the relatively lower trading volume, lower than those seen in July 2022, suggests that participation is not at historically high levels. </span></p>\n<p><span data-preserver-spaces=\"true\">A bullish bar in June confirming this month’s gain could be the base of another leg up. If this happens, it will mirror those of January 2021. Another 40% gain versus Bitcoin could see ETH close above 0.08 BTC, propelling the coin closely toward 2017 highs. </span></p>\n<figure style=\"width: 1787px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full\" src=\"https://www.tradingview.com/x/b4az0D3G/\" alt=\"Ethereum price trending upward versus Bitcoin on the daily chart | Source: ETHBTC on Binance, TradingView\" width=\"1787\" height=\"904\" loading=\"lazy\"/><figcaption class=\"wp-caption-text\">Ethereum price trending upward versus Bitcoin on the daily chart | Source: ETHBTC on Binance, TradingView</figcaption></figure>\n<p><span data-preserver-spaces=\"true\">Overall, Bitcoin has been firm. From September 2022, BTC has been outperforming ETH, erasing gains from 2020 and 2021. The result was a descending channel, though this phase of lower lows also had relatively low participation levels. </span></p>\n<p><span data-preserver-spaces=\"true\">Technically, based on a volume analysis, this is bullish for ETH. Even so, a close above 0.08 BTC would be a strong testament from the bulls. It could potentially set a foundation to cement ETH, further narrowing BTC’s dominance.</span></p>\n<h2><span data-preserver-spaces=\"true\">Spot Ethereum ETFs To Drive Demand: Path To $4,900?</span></h2>\n<p><span data-preserver-spaces=\"true\">Over the years since launching and the final approval of spot Bitcoin exchange-traded funds (ETFs) in January, the digital asset was the only one recognized by the United States Securities and Exchange Commission (SEC). </span></p>\n<p><span data-preserver-spaces=\"true\">Because of this advantage, the approval of the derivative product has seen BTC become an institution’s go-to asset. Wall Street players like Fidelity and BlackRock have been enabling exposure to BTC via spot ETFs over the past four months, resulting in billions being poured into the asset. </span></p>\n<p>\n\t<h2 class=\"jeg_block_title\"><span>Related Reading</span></h2>\n</p>\n\n<p><span data-preserver-spaces=\"true\">However, this changed last week when the United States SEC approved listing all spot Ethereum ETFs. ETH staking was removed from amended 19b-4 files. </span></p>\n<p><span data-preserver-spaces=\"true\">Still, the fact that Ethereum is almost being clarified represents a massive boost for the network and the platform. ETH prices shot by as much as 30% in response, outperforming Bitcoin.</span></p>\n<p><span data-preserver-spaces=\"true\">It is highly likely that ETH prices will continue rising in the coming weeks. Though it remains to be seen how the reception will be, especially among investors, the coin, like BTC prices post mid-January 2024, will rally, perhaps breaking $4,100 and even all-time highs of 2021. </span></p>\n<p>Feature image from iStock, chart from TradingView</p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t</div>\r\n<br>[ad_2]\r\n<br><a href=\"https://www.newsbtc.com/news/ethereum/eth-btc-bounces-from-a-7-year-support-trend-line-ethereum-to-4900/\">Source link </a>"
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