- Ethereum (ETH) records a 68% increase against Bitcoin (BTC) since the start of 2020.
- Is the bottom finally in for the ETH/BTC pair?
Altcoins are experiencing huge growth in returns as the top cryptos witness yet another week of green candles against Bitcoin (BTC). The second largest coin by market cap, Ether (ETH), is leading from the front, gaining 10% in the past week against BTC and a staggering 68% since the start of 2020. After five successive weeks of growth against the top crypto, Ether bulls are calling in the bottom, with a target of 0.03 BTC on the horizon.
ETH/BTC spikes 10% in a week
Since hitting an intra-weekly low of 0.025 BTC, the price of ETH has steadily climbed to 0.0275 BTC, representing a healthy 10% growth. Ethereum is having a stellar year so far against BTC too, soaring 68% since Jan 1, from a low of 0.017 BTC to current prices.
While ETH performance against BTC has been nothing but exceptional, the 104% growth rate against the dollar year-to-date signals a possible continuation of the bullish trend as price breached key resistance levels.
— Michael A. Gayed, CFA (@leadlagreport) February 21, 2020
Could the smart contract crypto skyrocket to 0.03 BTC in the coming days?
A possible move to 0.030 BTC
A quick look at the weekly chart Bollinger Bands (BB) shows promise of ETH/BTC pair skyrocketing to higher key resistance levels at 0.030, 0.0325 and 0.04 BTC in the near term.
The price is moving in tandem with the upper band as the bands expand from a squeeze. This is a very bullish move for the ETH/BTC pair and if the price closes above 0.028 BTC, then a breach past major resistance at 0.040 BTC is plausible.
Failure to breach 0.028 BTC may set in a reversal in price setting it back toward key near term support at 0.02 BTC.
Key near term resistance: 0.028 BTC, 0.03 BTC, 0.032 BTC
Key support level: 0.020 BTC
Market capitalization: $29,611,993,437