Jelle, a noted cryptocurrency trader, has presented a detailed analysis of the ETH/BTC trading pair over the past three years. He highlights a classic Wyckoff re-accumulation pattern, indicating that Ethereum (ETH) is on the brink of a significant upward movement.
He begins with the Preliminary Support (PSY) phase around 0.030 BTC, where substantial buying interest emerged, establishing initial support. This phase was followed by the Automatic Rally (AR), driven by intense buying pressure, pushing ETH’s price to approximately 0.045 BTC. The rally culminated in a Buying Climax (BC) at around 0.085 BTC, marking a peak before a reactionary decline.
In the Secondary Test (ST) phase, the price dropped to approximately 0.065 BTC, confirming the support level following an initial peak. Afterward, the Upper Trading range (UT phase B) indicated a consolidation period, during which prices fluctuated between 0.065 BTC and 0.080 BTC. This consolidation period showed that selling pressure was being absorbed and hinted at a potential breakout.
During the Creek phase, the price followed a descending trendline, marking the final stages of accumulation before a breakout. The Spring phase, which occurred around 0.048 BTC, involved a brief shakeout to test support levels, resulting in a temporary decline before a rebound. The recent price movements indicate a rebound, setting the stage for a notable upward trend.
Ethereum Price Forecast
Jelle identifies the current phase as the Test phase, confirming support around 0.053 BTC. This phase is crucial as it validates the spring and prepares for the next rally phase, potentially targeting resistance levels. The anticipated commencement of spot ETFs trading in the coming weeks is expected to bring substantial institutional investment, providing the necessary momentum for Ethereum’s surge.
ETH is currently trading at $3,069, marking a 3.55% increase in the last 24 hours. However, trading volume has decreased by over 12%. Daily indicators reveal a significant downtrend, with the 50-day and 100-day Exponential Moving Averages (EMAs) positioned well above the current price level. The 50 EMA stands at approximately $3,372.33, and the 100 EMA is around $3,329.70, indicating a bearish market sentiment.
The Relative Strength Index (RSI) indicator, currently at 38.09, signals bearish momentum. Despite being below the neutral 50 level, the RSI shows a slight upward movement, hinting at potential bullish divergence. Although in the oversold territory, this suggests the recent price downtrend might be nearing exhaustion.
While ETH faces downward pressure, a shift towards positive price action is possible if bullish momentum strengthens. Jelle’s forecast predicts a short-term rise to 0.090 BTC, with a longer-term target of 0.125 BTC. Ethereum’s future looks promising as the market anticipates the impact of institutional investments and spot ETFs.
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