Is Ethereum (ETH) at Risk Against Bitcoin? Why This Crypto Analyst Urges Calm Amid BTC Euphoria
The ETH/BTC trading pair has sparked intense discussion within the crypto community. Analyst JACKIS (@i_am_jackis) offers a critical analysis, urging patience amid the current volatility. He highlights the pair’s retesting of a crucial support level and draws parallels with Bitcoin’s past price behavior. JACKIS advises against panic, emphasizing the importance of informed and strategic decision-making.
What you'll learn 👉
ETH/BTC Pair at a Critical Level
In his analysis, JACKIS highlights that the ETH/BTC pair is currently retesting a prior resistance turned support level. This critical level aligns with a clear uptrend since 2019 and is supported by a weekly Relative Strength Index (RSI) bull divergence. The pair has been ranging for 200 days and sits at a macro range low.
According to JACKIS, if this support level fails, there is no key support until 0.031 sats. This potential breakdown could lead to an accelerated sell-off. However, until this scenario unfolds, he advises patience to observe how the weekly level holds.
Patience Over Panic
Drawing a parallel with Bitcoin’s past performance, JACKIS notes that when Bitcoin was “breaking down” the $40K range low, many experts predicted a drop to $30K. Instead, Bitcoin’s price demonstrated resilience. JACKIS suggests that the current situation with ETH/BTC might follow a similar pattern, where the market appears to break down but eventually recovers.
JACKIS advises against panic and emphasizes the importance of focusing on the chart rather than succumbing to emotional reactions. He states, “People will tell you it’s breaking down & capitulate. I say be patient.”
Probabilities and Market Behavior
In the world of trading, probabilities and calculated risks are essential. JACKIS stresses the need to make informed decisions rather than emotional ones. He reminds traders that markets often make fake-out moves, especially at extremes, where many traders take the bait.
The expert provides this analysis to help traders make their own calculated bets. He highlights the importance of patience and informed decision-making amidst the panic and frustration of Ethereum holders and the euphoria of Bitcoin maximalists.
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Show more +Historical Analogies and Future Prospects
Reflecting on historical analogies, the analyst recalls the Bitcoin sell-off in June 2022, where those who held through the -30% decline are now profiting. He draws a parallel with the current ETH/BTC situation, where those who bought the sell-off in October 2023 are currently down -17%. He suggests that, despite the current pain, holding might prove profitable in the long run.
Regardless of the ETH/BTC pair’s current performance, JACKIS notes that the USD pair is performing well and is in a healthy high-timeframe (HTF) uptrend. He believes it is only a matter of time before the ETH/BTC pair catches up, potentially as quickly as a breakout from the local cluster.
JACKIS’s analysis provides a nuanced perspective on the ETH/BTC pair, urging traders to avoid emotional decisions and focus on long-term strategies. While the market’s future is uncertain, informed patience might yield positive outcomes for Ethereum holders.
Read also: Top Analyst Predicts 25% Bitcoin Price Surge if this Key BTC Resistance Breaks – Here’s His Outlook
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