May 8, 2024

Ether-Bitcoin Ratio Could See Rally Toward Two-Month High, According to Trader

According to Lewis Harland, portfolio manager at Decentral Park Capital, the ether-bitcoin (ETH/BTC) ratio could rally towards a two-month high. This is because the ratio has broken out of a multi-month triangle pattern, indicating a bullish victory in the prolonged battle with bears. The breakout has opened the doors for a rally towards the early December high of 0.07636 and the early November highs of nearly 0.078. The ether-bitcoin ratio could also see a notable rally in the coming weeks due to the Ethereum network’s upcoming Shanghai upgrade, which will allow for the withdrawal of staked ether, and the expected reduction of rollup fees for users after the implementation of EIP4844. However, bitcoin could continue to underperform ether due to miner selling.

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