- Ethereum may soon break out against Bitcoin
- The charts of ETH against BTC show signals last seen before the first ETH alt-season
Ethereum News Today – All through this year, altcoins such as Ethereum (ETH), XRP (XRP), and others have wholly underperformed next to BTC. Only a few digital currencies such as Binance Coin (BNB) and Chainlink were able to break out this year. The dominance level of Bitcoin surged enormously, as altcoins lose their dominance in the market.
However, according to very accurate fractal price charts of ETH against BTC, Ethereum (ETH) could soon break out against BTC. This would help to propel alternative coins out of the gutter and back into a full-blown alt-season.
Ethereum (ETH) May Soon Break Out Against Bitcoin
The better part of the year 2019 has been more about Bitcoin (BTC) as its safe-haven narrative pushing the price of the digital currency up by 350 percent at its year-to-date high of $13,800. At its year-to-date high, the world’s largest digital currency by market cap was able to recover as much as 70 percent of its all-time high value it tested in December 2017.
Ethereum (ETH) Price Today – ETH / USD
During the high-publicized meteoric rise of Bitcoin (BTC), another digital currency, the second-largest digital currency by market cap, Ethereum (ETH), also tested its all-time high of $1,400. Nevertheless, all through this year, the second-largest digital currency was only able to reclaim 25 percent of the value it lost during the downtrend and bear market.
ETH/BTC Charts Show Signals Last Seen before the First ETH Alt-Season
However, that might change soon, as the ETH/BTC trading pair chart is showing a price pattern fractal that resembles the pattern that ETH exhibited just before its first alt-season. The ETH/BTC trading pair just completed what seems to be the sixth wave down once again. This could mean that an extremely powerful wave seven upward is about to start, causing ETH to greatly outpace BTC for the near future.
The last time this happened, ETH was able to drag the rest of the altcoin market along, causing what was referred to as the alt season. Some analysts also referred to it as a period when altcoins trend and enormously outperformed BTC. Altcoins have been in the oversold zones for quite some time, testing lower lows, and possibly indicating that a bottom is against BTC and a reversal could take place soon. While this was going on, BTC continues to correct after the lonely massive rally it embarked on alone during the second quarter of the year.