Ethereum Outperforms Bitcoin - Market Analysis.
2021-08-13 | Mike Hallen
![Ethereum Outperforms Bitcoin - Market Analysis.]()
Ethereum [
ETH] broke out of a 2-Month consolidation relative to Bitcoin [
BTC] last week. The ETH/BTC ratio is holding support above 0.05
and will face initial resistance near 0.08.
Ether’s
outperformance could signal growing interest beyond bitcoin given the appeal of DeFi
and therefore the Ethereum blockchain’s latest network update
referred to as the London hard fork.
The chart below shows ETH/BTC’s long-term ascending channel, which revealed strong support over the past 2 years.
Despite ether’s underperformance relative to bitcoin during the 2018 crypto
market, the second leading cryptocurrency has maintained an uptrend that began earlier in 2016.
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