Ethereum leaves Bitcoin behind
Another indicator of a potential altcoin season in 2022 is the performance of Ethereum (ETH), which is the largest altcoin, against BTC. The technical analysis of Ethereum against the USD indicates that there has been a dynamic rise in the ETH price in recent weeks. In addition, it is possible that the RSI has made a breakout from the long-term resistance line and may continue to rise all the way to the $2100 level.
If we now look at the relation to BTC, the weekly chart provides an even more bullish perspective. ETH/BTC has been rising since the bottom at 0.05 BTC, which previously served as resistance. Validation of this area was a bullish signal that initiated the ongoing rise.
Currently, ETH is at 0.081 BTC, rising 66% from the aforementioned low. Moreover, this week’s large green candle led to a breakout above the resistance area at 0.075 BTC (red line), which had previously repeatedly rejected the price (blue arrows).
Technical indicators confirm the initiation of a bullish trend. The RSI has broken out both above the falling resistance line (blue) and the 50 level. Meanwhile, the MACD has recently made a bullish cross and is generating increasingly higher bars of upward momentum. All these developments are strong signals for continued upward momentum.
