A popular crypto analyst says one Ethereum (ETH) chart is looking particularly strong right now.
In the latest TechnicalRoundUp newsletter, the pseudonymous analyst known as Cred says the Ethereum chart against Bitcoin (ETH/BTC) is “one of the best-looking macro charts in crypto at the moment.”
Ethereum is worth 0.088 BTC, or $4,388.33, at time of writing, up more than 2% in the past 24 hours.
Cred says ETH is more likely to continue making gains against BTC rather than reverse its course.
However, he notes 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.”
Cred argues that it is a sign of market strength that Ethereum held $4,000 despite the market-wide crash this past week.
“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.”
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Featured Image: Shutterstock/Jorm S