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Ethereum bull trap? ETH price signals breakdown versus Bitcoin

Published 06/08/2021, 08:18 AM
Updated 06/08/2021, 10:20 AM
Ethereum bull trap? ETH price signals breakdown versus Bitcoin
ETH/BTC
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BTC/USD
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ETH/USD
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A recent run-up in Ether (ETH) prices against its top rival Bitcoin (BTC) appears to be at the risk of exhaustion even as analysts see the second-largest cryptocurrency as stronger among the two.

In retrospect, the ETH/BTC exchange rate rose by up to 40.19% after bottoming out at 0.0553 BTC on May 23. The powerful rebound move reflected a spike in the capital flow from spot ETH to spot BTC market. That also led analysts at Delphi Digital — an independent market research firm — to highlight Ethereum's "formidable strength" in the Bitcoin-quoted markets. They wrote:

ETH price rise inside a bearish reversal pattern as trading volumes decline. Source: TradingView
ETH/BTC's 2018 and 2021 top comparison per Delphi Digital's outlook

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