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Ethereum Strength Sends Bitcoin Ratio To 2018 Highs

Ethereum Strength Sends Bitcoin Ratio To 2018 Highs


NewsBTC
2021-12-07 23:59:38
Ethereum Strength Sends Bitcoin Ratio To 2018 Highs

As Bitcoin (BTC) is coming out of a harsh weekend with a 5% drop and a huge sellout, ether (ETH) still maintains its strength in comparison, which has been happening since October. Arcane Research’s weekly update shows that the ETHBTC pair reached its highest level since May 2018 reaching 0.085 BTC, seeing possible signals of maturity and an upcoming alt-season. In 2021, ETH has shown greater strength than bitcoin. The cryptocurrency could be signaling its maturity as it sees higher lows –compared to BTC– than it did in 2017 and 2018. However, Arcane Research noted that back in 2021 and 2018 the strength of ETH and altcoins’ performances in periods when BTC saw lows also signaled lower prices to come, so a similar scenario could happen during 2021’s fourth quarter. The current ETHBTC pair peak is similar to the one seen in May, which was followed by May 19th’s crash during massive liquidations and new buyers panic –which some users called the second worse day ever for Ethereum, although similar phenomenons had happened in earlier years–. Then, the ETHBTC pair saw another spike at the beginning of September as Bitcoin saw lows on the 7th. Furthermore, we could be facing froth in the market as altcoin’s strength has signaled before. Ether was also down on Saturday but surged to the mentioned 0.086 Bitcoin high during Sunday. The price dropped 5.5% on Monday to $3,965, and overall, it traded down by ...

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