- The market is technically bullish but only by a few dollars without anything conclusive.
- Ethereum has made its second attempt to jump to $290.
- XRP plays another game but does not lose sight of the King.
In the article published yesterday, I have highlighted a potential window of opportunity to an upward movement that would take the three main protagonists of the Crypto market to higher prices.
The bullish escape attempt has begun late in the European session and remains prevalent now. The stakes could not be higher – the end of the crypto winter is at play.
After more than 18 months of substantial falls – typical to this market – and of some increases that have taken prices to 50% of the historical maximums, the future can be decided today.
It is not the first attempt of the bulls to send the bears to the cave. The first has occurred between May 26 and June 3 and miserably failed. The bears defended themselves well – prolonging the winter and burying any signs of spring.
The second attempt to enter the warm season has kicked off on Wednesday – and for now – has succeeded, but only just. BTC/USD tops the upper trend line of the long term downward channel by a mere $3 – a considerably fragile and unstable situation.
Bitcoin’s rise above this line is the first condition for declaring an end of Cryptowinter. The second condition – a better relative behavior of Ethereum against Bitcoin – is still in the works. The following analysis of ETH/BTC will provide more clues.
ETH/BTC 4-Hours Chart
The ETH/BTC crypto cross is currently trading at 0.032 and is conquering the upper parallel trendline at the lower end. The move is in play and is unconfirmed at the time of writing.
A break above 0.0347 is essential to ending the cold season in cryptos.
Above the current price, the first resistance level is at 0.0332 (price congestion resistance), the second one is at 0.0338 (first upper parallel trend line) and the third one is at 0.0346 (relative…