Article structure notification: the article is divided in three sections. First section is focused on short-term, technical and speculative analysis of the project – this is regularly updated part of the article. Second section is focused on general market and sentiment analysis and third section is focused on the long-term, fundamental analysis and future prediction of the project – this is occasionally updated part of the article.
ETHBTC has remained intact – ETH has regained months of lost value in only two days and the impulsive jolt up still looks like it still hasn’t run out of fuel. ETH broke above the descending trendline and hit Fib618 (0.0353 BTC) of the most January high and recent May low. It then suffered a pullback to the current 0.0319 BTC.
It seems that the whole market is waiting for bitcoin’s next move so alts are essentially run by bots that play it safe with small dips and highs around local supports. As it stands right now, sentiment seems to favor another rally from bitcoin which would mean drops in sats value, but rise in USD value for ETH and other altcoins.
The breakout level is the above-mentioned 0.0353 BTC and ETH could easily reach 0.038-0.039 BTC ( a meeting point of Fib786 of the January-May high low and Fib236 of the all time high-low) should this level gets broken. This would coincide with bullish cross of moving averages as all three are huddled in a very narrow area around the price action.
Breakdown level is the moving averages confluence point and most recent bottom at 0.0308 BTC.
The potential bullish pennant that could have been drawn on the ETHBTC chart last time, is now shaping up to be a descending triangle pattern, which is not a good news for holders as this is usually…