Ethereum (ETH), the crypto market’s largest altcoin, has shown strength against Bitcoin (BTC) since the start of the month, regaining a fair amount of the losses suffered during the initial panic caused by the coronavirus in March.
In the past month, ETH is up around 45% against the dollar while BTC is only up around 25%, continuing a trend that started at the beginning of February. A fresh look at the ETH/BTC chart suggests that Ethereum is primed to continue outperforming Bitcoin in the near-term.
As seen above, ETH/BTC recently broke out from a consolidation period around 0.023 with a 5% daily move followed by today’s 4% rally. The chart is now eyeing recent highs of 0.026-0.28, which will likely act as a resistance level. If these levels are broken, Ethereum could be off to the races.
The favorable technical setup is further aided by the fact that real progress is beginning to be made on the launch of Ethereum 2.0, which will allow users to stake their ETH without having to purchase expensive hardware.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
