According to a prominent analyst, Ethereum’s chart structure is starting to favor a breakout of the cryptocurrency against Bitcoin.
Cryptocurrency trader CryptoWolf recently noted that the long-term ETH/BTC chart is starting to print an array of signs that may imply a breakout is coming. This array of signs includes but is not limited to the existence of a 12-month-long Moving Average Convergence Divergence (MACD) bullish divergence, a 24-month-long falling wedge correction that looks prime to strongly break to the upside, and a Relative Strength Index reading that implies momentum is in the bulls’ court.
He thus noted that there’s a good likelihood that Ethereum rallies to 0.05661 BTC — over 150% higher than where the pair is trading at as of the time of writing this.
It isn’t only the technicals that might support an ETH price run.
Yesterday, Ethereum’s Istanbul blockchain upgrade/hard fork came into effect successfully.
The upgrade implemented Ethereum Improvement Proposals (EIPs), which were chosen from a pool of more than 30 candidates. Here’s a list listing the EIPs and a brief summary of what they do, according to Ethereum Cat Herders
.While it isn’t likely that any of these technical upgrades will have an immediate positive impact on the price of Ether, Istanbul is likely to lead to more adoption, and thus higher prices with time.
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