ETH/BTC Chart Is “One Of The Best-Looking Macro Charts,” Says Analyst
According to a prominent crypto analyst and trader, known as Cred, ETH/BTC chart is “one of the best-looking macro charts in crypto at the moment.”
In a recent TechnicalRoundUp newsletter, Cred looks into Ethereum against Bitcoin (ETH/BTC) and says that it is “one of the best-looking macro charts in crypto at the moment.”
At the time of writing, Ethereum is trading at 0.08572 BTC with 2.66% loss on a daily chart.
The analyst believes that ETH will likely keep making profits against BTC, but he points out that his overall trading framework is still “defensive.”
“This disconnect between Bitcoin and Ethereum is either a completely new paradigm from April-May (less likely) or a sign that we’re closer to the cycle top (more likely).
While the Ethereum/Bitcoin chart is one of the best-looking macro charts in crypto at the moment, our overall framework is still defensive given the high time frame weakness that has emerged in Bitcoin/Dollar.”
According to Cred the fact that Ethereum held $4,000 despite the market-wide crash this past week, is a sign of strength.
“It would be fully validated on a daily range breakout above $4480, which is the range high for now. Any weakness below $4000 would be bearish.”
