1) The bullish cycle in the ETH/USD pair: What are the theoretical price targets highlighted by technical analysis of the financial markets?
The current upward trend in the ETH/USD pair began in the summer of 2022, with prices bouncing back from their all-time high in the previous cycle, which peaked at $1,150 in January 2018. A bullish reversal chart base developed between July and November 2022, before the rise began shortly after the FTX collapse.
This was followed by a well-constructed upward trend until March 2024, reaching an intermediate peak at $4,000, which is a resistance that produced downward rejection effects three times. The price of Ethereum against the US dollar finally rose again above the main support level at $1,150/1,350 and seems to have now resumed an upward trend in line with the price of Bitcoin.
2) Ethereum vs. Bitcoin: A major catch-up may be underway
The question investors are asking now is whether Ethereum is in a position to outperform Bitcoin over the next few weeks. To answer this question, we need to look at both the fundamental and technical aspects.
On the fundamental side, the recent update “Pectra” significantly enhances the operation of the Ethereum blockchain, particularly by reducing transaction costs. This update may be the factor
Disproving the viewpoint #TradeStation
