Summary:
Ethereum (ETH) is expected to surge over 50% against Bitcoin (BTC) based on the inverse-head-and-shoulders (IH&S) technical pattern.
This pattern has previously led to a 140% price surge for ETH/BTC in 2021.
ETH/BTC is currently forming an IH&S pattern, with a potential breakout above the neckline resistance targeting 0.084 BTC by year-end.
Historical data suggests that ETH/BTC rallies significantly following Bitcoin halvings, with past rallies exceeding 330% and 900%.
The current consolidation phase within a triangle pattern resembles the post-halving patterns, indicating a potential rally towards 0.062 BTC.
The potential launch of spot Ether ETFs by July 2nd could further boost the bullish scenario.
A technical pattern called the inverse-head-and-shoulders (IH&S) suggests Ethereum (ETH) could rise by over 50% against Bitcoin (BTC) in the coming months. This pattern is characterized by three troughs with the middle trough (head) being deeper than the other two (shoulders). The ETH/BTC pair has formed a similar pattern in the past, resulting in a 140% price surge in 2021. The expected breakout above the neckline resistance could push ETH/BTC to around 0.084 BTC by the end of the year.
Further support for this bullish outlook comes from the historical price behavior of ETH/BTC following Bitcoin halvings. After the third and second Bitcoin halvings, ETH/BTC rallied by over 330% and 900%, respectively. The current consolidation phase within a triangle pattern is similar to the post-halving patterns observed previously, suggesting an upcoming rally towards the upper trendline at around 0.062 BTC. The potential launch of spot Ether exchange-traded funds (ETFs) by July 2nd could further fuel this bullish scenario.
It's important to note that this analysis is based on technical indicators and historical patterns and doesn't constitute investment advice.
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