Ethereum to Bitcoin Ratio Hits Three-Month High
- ETH/BTC Ratio Surge: The Ethereum to Bitcoin ratio surged to 0.0313 on Wednesday, recovering from a low of 0.028 in February, although still below the January peak of 0.038, indicating a growing market appetite for Ethereum as a higher-risk asset.
- Significant User Growth: Research from Artemis shows that new users on the Ethereum network jumped 82% quarter-over-quarter in Q1 2024, reaching 284,000, while total transactions soared 43% to an all-time high of 200.4 million, reflecting a substantial increase in network activity.
- Record Stablecoin Inflows: The circulating volume of stablecoins on Ethereum hit a record $180 billion, marking a 150% increase over the past three years, with Ethereum currently hosting about 60% of the global stablecoin market, which serves as a major long-term demand driver.
- Market Uncertainty Ahead: Despite positive on-chain metrics and robust user growth, analysts emphasize that for the ETH/BTC ratio to maintain its upward trajectory, a weekly close above the critical 0.035 threshold is essential, as the current price remains over 50% below last year's peak of $4,831, indicating ongoing market uncertainty.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1710.181 | 1885.211 | 2065.441 | 2240.471 | 2420.701 | 2595.731 | 2775.961 |
| Fibonacci | 1885.211 | 2020.92 | 2104.761 | 2240.471 | 2376.18 | 2460.021 | 2595.731 |
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