Here’s Why Ethereum May Rise Higher Against Bitcoin

2019 was not the best year for Ethereum, as the cryptocurrency dipped, seeing a yearly loss in 2019, while Bitcoin gained nearly 100%.

This meant that the market for ETH/BTC saw a decline, with the price of Ether falling to 0.016 BTC — 90% below the all-time high above 0.1 BTC.

However, throughout several past weeks, Ethereum skyrocketed against the U.S. dollar and Bitcoin, and technical analysis indicates that this trend is likely to persist.

Analysts suggest that Ethereum is ready to surge higher against Bitcoin

Analyst Byzantine General recently stated that ETH/BTC chart is currently displaying the strong uptrend which appeared at the beginning of 2020 may continue.

He posted a chart on Twitter, which shows that various technical signs suggest further gain, as four-week uptrend remains intact, forming a symmetric triangle pointing towards the upside, and the RSI and price are printing a bullish divergence.

Byzantine General is not the only one who believes that Ethereum will continue its rally against Bitcoin.

Trader Loma thinks that ETH/BTC could be on the brink of going vertical.

To support his viewpoint he posted the chart below, showing that the trading pair has started to consolidate above the key horizontal support around 0.026 Bitcoin. Actually the pair has been there for roughly 10 days now, stirring bullish sentiments.

Loma maintained that this consolidation may signal possible ETH gain 15% against Bitcoin in an almost vertical fashion within several next weeks, which is a good sign for those with heavier allocations to Ethereum than Bitcoin.

Bitcoin may shine this time

Though some technical analyses support the idea that ETH/BTC may soon surge, some are warning for possible pullback in the broader altcoin class which may affect Ethereum as well.

Investor and industry commentator Josh Rager has recently commented on these debates, stating:

“BTC dominance was near two-year highs in 2019 but we saw it tail off as altcoins rallied over the past couple months. We can see volume possibly decrease w/ an increase in BTC dominance in the coming weeks if price continues pullback.”