As the crypto market has stagnated, all eyes have fallen on Bitcoin, not Ethereum or Litecoin, as the leading cryptocurrency’s next large move will likely determine in which direction this entire industry heads for the next couple of months.<\/p>\n
While yes, Bitcoin’s<\/a> price action is the most important when trading digital assets, one analyst has noted that traders may be remiss not to take note of ETH, for the popular altcoin is showing signs of an impending upward breakout.<\/p>\n Amsterdam Stock Exchange trader and popular cryptocurrency analyst Crypto Micha\u00ebl recently pointed out that<\/a> Ethereum may soon see some positive price action when compared to BTC. He specifically pointed to the chart below of the ETH\/BTC pair on a long time frame, which shows that the Ether is approaching a two-year-long downtrend line that has depressed ETH’s upside breakouts on at least three occasions.<\/p>\n Micha\u00ebl noted that with there being a recent bullish divergence playing out for ETH\/BTC and the cryptocurrency holding a key support line, Ethereum is likely to soon test the aforementioned downtrend. A breakout, the analyst explained, “would give a significant move to the market.”\u00a0<\/a><\/p>\n $ETH<\/a> #ETHEREUM<\/a> $ALTS<\/a><\/p>\n Patience will pay.<\/p>\n A breakout of a 2-year long downtrend would give a significant move to the market. pic.twitter.com\/SS8L8bXypQ<\/a><\/p>\n — Micha\u00ebl van de Poppe (@CryptoMichNL) December 6, 2019<\/a><\/p><\/blockquote>\nRelated Reading: Bitcoin To Spend 2020 In Accumulation Mode, Ideal Buy Zone<\/a><\/h6>\n
ETH Preparing to Rally Against Bitcoin<\/strong><\/h2>\n
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