A popular crypto analyst, Ethereum (ETH) He noted that his chart now looks stronger than before.
Speaking in the latest issue of the TechnicalRoundUp newsletter, crypto analyst alias Cred said, ETH/BTC He stated that he believes his chart is “one of the best looking macro charts in the crypto world right now.”
When the analyst shared this chart, Ethereum is trading with 0.088 BTC ($4,388) up 2% in the last 24 hours, but currently the price is down 6% at $4,123.
Cred noted that ETH is more likely to continue making gains against BTC rather than reversing its course.
However, he also noted that the overall trade framework is still on the “defensive” side.
“This disconnect between Bitcoin and Ethereum will either be a completely new paradigm from April to May (less likely) or a sign (more likely) that we are closer to the cycle climax.
While the Ethereum/Bitcoin chart is one of the best looking macro charts in crypto at the moment, our overall framework is still on the defensive given the high timeframe weakness revealed in Bitcoin/Dollar.”
Cred argues that Ethereum holding $4,000 despite the market-wide crash last week is a sign of market strength.
“This will be fully confirmed after a one-day range break above $4480, the highest range for now. Any weakness below $4000 is bearish.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.