Ethereum (ETH) Poised For Growth as It Nears Critical Fibonacci Level, Crypto Analyst Jelle Wiegers Says
- WBOYOriginal
- 2024-07-12 09:39:31324browse
Popular crypto analyst Jelle shared a rather convincing outlook on the Ethereum ETH price in comparison to Bitcoin.
Popular crypto analyst Jelle has shared a rather convincing outlook on the Ethereum (ETH) price in comparison to Bitcoin. In a recent TradingView post, the analyst highlighted that ETH is now trading in the zone that is being used to determine the test of the 0.618 level.
Based on the analysis of the Ethereum against Bitcoin trading pair, ETH/BTC, there are indications of strength. This is quite significant given that this may mean that investors may be tilting their focus towards ETH, especially considering the planned ETFs likely to legitimize the cryptocurrency market further.
Ethereum Poised For Growth
According to the analysis, ETH still seems to be much stronger than Bitcoin, which proves the fact that the cryptocurrency has not given up its stand. The 0.618 level obtained from the Fibonacci series is a critical level that marks the start of a reversal or continuation of the price. This current position of Ethereum at this level shows that there is a possibility of the price of ETH to either rise or drop in the near future.
The analyst also pointed out that the path of Bitcoin would be key to Ethereum’s action. All that is needed is for Bitcoin to hold its ground and it can go higher still. This shows that the cryptocurrency markets are interconnected, and the performance of Bitcoin usually impacts the rest of the market.
The possibility of Ethereum to go beyond the performance of Bitcoin is further boosted by the introduction of ETFs. These financial instruments should allow institutional investors to invest in cryptocurrencies and therefore increase their demand and possibly their prices. ETFs could also improve market liquidity and stability which would be beneficial to ETH to grow.
Jelle’s recent analysis also gives a perspective of how well Ethereum is performing as compared to Bitcoin. While Ethereum approaches 0.618 at this point, the cryptocurrency is at a crossroads as it is trading near the retracement level and the market prepares itself for the new ETFs. Investors and analysts will be keen to observe how ETH could take advantage of these conditions and further cement its position in the cryptocurrency market.
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