By Billie Harvill
Ether, the ETH’s native token, broke its plunging resistance trend-line to the upwards, catalyzing a textbook bullish attitude.
Ether shows possibilities of registering a 40% upside move against its rival, Bitcoin. That is according to the picture painted by technical patterns. Knows as the symmetrical triangle, the formation builds up after crypto creates multiple lower highs and higher lows. With these price actions, the asset develops two trend-line convergence, looking like a triangle.
Market players view symmetrical triangles as price trends extension indicators. That means that they send the coin towards its previous trend direction after a substantial breakout. That said, the prevailing ETH/BTC boom might experience an extended upside move after fluctuating within a symmetrical triangle over the past four months.
Among the reasons is ETH’s trial to break over the triangle consolidation structure after surging in seven consecutive weeks. The money-making moves had the token climbing by 179%. If Ether breaks past the level, the ETH/BTC pair exchange rate may surge by approximately 0.025 BTC from its breakout point around 0.069 BTC. With that, the asset’s profit will target the level around 0.094 BTC, a 40% increase beyond 0.069 BTC.
ETH’s Performance
ETH’s bullish thesis against BTC emerges as the alt outperforms the leader as far as a dollar on intraday is concerned. On 31 August, ETH/USD’s exchange rate climbed by 6.61% towards $3,442, its three-month high. On the other hand, BTC saw dwarfed upticks, increasing by 2.5% to stand at $48,169, confirming increased Ether demand by crypto traders.
HashEx CEO Dmitry Mishunin predicted ETH and other similar blockchains to outperform BTC due to their superior usage. The executive believes that ETH will flip BTC in the future. Keep in mind that smart-contracts blockchains can accommodate multiple innovative projects.
Also, Ovex exchange founder Jon Ovadia says that ETH boasts better fundamentals than BTC for now. That follows the recent Ethereum upgrade that aims to make the token a deflationary asset by a mechanism that burns fees.
Ovadia added that the Ethereum blockchain had banned around 146,878.7 Ethers, worth nearly $492.3 million.
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