The question on everyone’s mind now is: will there be follow through?
Given the significance of this bounce and historical evidence, it’s reasonable to think this. A sustained break above the head and shoulders neckline could provide fresh impetus to push Ethereum outside the 0.02-0.038 Satoshi trading block towards the next macro pivot point at 0.05337 Satoshis. This could take several weeks to months.
ETH/BTC daily chart as of December 2nd, 2020.
Failing that, then investors looking for short term upside might aim to enter on a final retest of the upwards sloping support above 0.027620 satoshis. In the event that the floor doesn’t hold, then Ethereum and many alt-coins will probably witness a bloodbath of epic proportions. However, bearing in mind that Ethereum has yet to reach its all time high in USD terms, the prospect of another ‘leader’ flip isn’t at all far-fetched. Indeed, Ethereum is still 124% away from it’s all time highs, and a rising tide lifts all boats.
ETH/USD daily chart as of December 2nd, 2020.
The BTC-ETH debate rages on
Heated debates about Bitcoin and Ethereum continue to rage all over the internet, and will probably continue for some time to come. Just like Amazon and Ebay competed neck and neck for years, the same could be true of Bitcoin and Ethereum, both of which are optimised for advancing different principles. While we will not debate the vices and virtues of each cryptocurrency, it’s safe to say that this discussion will continue on for the foreseeable future, and it will ultimately be reflected in the charts.
Today, the trend is clear: Bitcoin is king and Ethereum is second in command. However, there’s no doubt that competition between the two will continue on multiple fronts. Of course, Bitcoin has much more gunning for it, but ethereans are almost as persistent as bitcoiners in their alleged quest to change finance.
Eventually, time will lay it all out to bear. In the meantime, place your bets!
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Author Credit: Christopher Attard, journalism and content specialist who covers bitcoin and crypto markets.
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