Ben Cowen put up a new video recently discussing the current price of ETH, against USD and BTC. As always, his videos are on point and absent of any moonboi hype. Just data, trends, and analysis.
ETH has straddled the 20month moving average for sometime, since 2017 to even 2018. Since 2018, the 20 month moving average for ETH has been the resistance, and not the support. It has been an unbreakable wall. We’ve currently gotten quite close to that resistance, but not broken it.
(ETH to BTC 20 month MA)
He poses the question: what will it take to overcome that 20 month moving average resistance? What will it take for the ETH to BTC ration to change in ETH’s favor, back to the pre-2018 days? He points to BTC’s ride along the 20 week MA. Should that continue, he argues, and BTC slowly rises into the new year, this would give support to ETH breaking out in Dec/Jan.
(BTC to USD 20 week MA)
A sideways move into the 20week MA is a nice setup for ETH’s push to get a huge gain in respect to BTC. And this was what happened in the last market cycle before ETH broke out.
ETH has already been moving up every month with respect to BTC. The desire, of course, is not a steady increase but a sudden pump. This is what could be the case at the start of the next year.
What's really interesting is his ETH regression band. It shows that we have been in a period of accumulation for quite some time.
Despite ETH 's slow speeds, bloated gas prices and overall abundance of shitcoins floating around in its cumbersome environment, it, alongside BTC, remains a standard in the cryptosphere. I'll be stocking up.
