Ethereum (ETH) vs. Bitcoin (BTC) Chart Indication Might Mean This for Altcoins: Miles Deutscher
Crypto analyst Miles Deutscher points to an important indication on the Ethereum vs. Bitcoin daily chart. Deutscher points to the fact that Ethereum is currently attempting a breakout and a successful support/resistance (S/R) flip on its Bitcoin daily chart.
ETH is currently attempting a break out + a successful ETH/BTC S/R flip on the daily.
We’re seeing the makings of a capital rotation into ETH ahead of the Shanghai (Shapella) upgrade.
Sustained strength would bode well for alt performance. Let’s see if it holds.
— Miles Deutscher (milesdeutscher) April 4, 2023
Ethereum's price turned oversold against Bitcoin after reaching near eight-month lows of $0.062 on March 21. This was followed by a relatively short period of range trading before a rise started on April 3.
According to Deutscher, the newfound strength Ethereum is seeing on its Bitcoin BTC chart might reflect the makings of capital rotation ahead of the Shanghai update.
Staked ETH withdrawals will be made possible by the Shanghai upgrade, also known as "Shapella," which completes Ethereum's entire transition to a proof-of-stake (PoS) network. The long-awaited Shanghai hard fork has an April 12 target date, according to Ethereum developers.
The fact that the last time Ethereum traded at such oversold levels to Bitcoin, it produced fresh highs on the ETH/BTC chart raises the possibility of a sustained rebound in the coming weeks.
