The ETH/BTC trading pair is on the cusp of a significant breakout, driven by a classic bullish reversal pattern. This potential surge is reminiscent of a similar pattern seen between 2019 and 2021, which led to a remarkable 140% price gain for Ether. Analysts are now eyeing an over 50% increase in the coming months.
The key technical setup propelling this optimism is the inverse head-and-shoulders (IH&S) pattern. This pattern features three troughs positioned below a shared resistance level known as the neckline. The middle trough, or head, is deeper than the other two shoulders, suggesting a potential price surge upon completion.
For the IH&S pattern to be fully realized, the ETH/BTC pair must break above the neckline resistance after forming the right shoulder. As of June 17, ETH/BTC is fluctuating, having formed the head of this pattern. The next phase involves an upward move towards the neckline at around 0.061 BTC, with a potential pullback before a decisive breakout.
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Historical trends support this bullish outlook. A similar Inverse Head and Shoulders (IH&S) formation during that period led to a 140% surge in ETH/BTC. Following Bitcoin’s halvings in 2016 and 2020, the pair experienced substantial rallies, suggesting that post-halving periods often herald bullish trends for ETH/BTC.
Currently, ETH/BTC has been consolidating sideways since Bitcoin’s fourth halving in April 2024. It remains above the lower trendline of a large triangle pattern and targets the upper trendline at around 0.062 BTC, which aligns with the IH&S neckline resistance. This consolidation indicates the possibility of substantial upward momentum.
Alt-Season Likely with ETH/BTC Surge
Further supporting this bullish sentiment, crypto analyst Javon highlights another promising pattern known as descending wedges. These patterns typically precede bullish reversals, and ETH/BTC has recently broken out of such a wedge. Javon’s analysis suggests a potential 129% increase, implying that ETH/BTC could revisit and possibly exceed its historic highs.
![ETH/BTC Poised for Explosive 140% Surge, Analysts Predict Bullish Reversal 3 image 44 2](https://www.tronweekly.com/wp-content/uploads/2024/06/image-44-2-1024x624.jpg)
The broader cryptocurrency market could also benefit from this projected surge in ETH/BTC. A strong rally in this trading pair often signals the onset of an alt-season, where various altcoins experience significant appreciation. This widespread market uplift would be driven by ETH’s strength against BTC, potentially leading to a substantial overall market uptrend.
Adding to the technical optimism, fundamental factors such as the potential launch of spot Ether exchange-traded funds (ETFs) by early July could further drive the price higher. These ETFs are expected to attract substantial investment, supporting the bullish technical scenarios for ETH/BTC
This pair is on the verge of a major bullish reversal, supported by technical patterns, historical precedents, and upcoming fundamental developments. Investors and market watchers are closely monitoring this setup, anticipating a significant price movement that could reshape the cryptocurrency landscape in the near future.
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