The news of Blackrock filing for a spot Ethereum ETF with NASDAQ in addition to its currently approval-pending spot BTC ETF has sent the price of $BINANCE:ETHUSD upwards, breaking above the $2000 level.
Incidentally, at the same time $BINANCE:ETHBTC ‘s multi-year Cup and handle pattern seems just about ready to break out of the falling wedge (handle) to the upside after what may soon prove to be a fake-out to the downside.
At the same time, the price of $ETH priced in $BTC has retraced from its most recent 2018/2021 equal highs to a significant 50% fib level. If the current weekly candle (at the time of publishing) manages to close above 0.05567btc then we will have a beautiful entry signal in the form of a morning star.
My confidence level for this trade is north of 65% and a weekly close as indicated above would run that up to +85%. If this bullish case plays out, we can expect resistance at 0.086 and 0.1037, with the final technical target of 1 eth trading for 0.15 btc.
Would love to hear your thoughts on Eth/Btc and the future price of Eth and other digital assets, let me know in the comments below.
For more follow us on all our socials:
Facebook @theblueinvestor
Instagram @theblueinvestor
Youtube @theblueinvestor1
Twitter @theittai
If you’re interested in learning how to analyze price charts for yourself and spot undervalued stocks and crypto to trade or invest in, I invite you to take a look at our online courses and mentorship programs here.