ETH/BTC Looks Great on The Weekly Chart: But Is Recovery That Simple?
Based on the latest charts, ETH/BTC it seems Etherum will skyrocket against Bitcoin in the next few months. But will the recovery be as smooth as the chart is telling us?
— CryptoTrooper (@CryptoTrooper_) March 2, 2020
The projection comes following almost two years of decline since 2018. Ethereum has experienced some rough years in the exchange market but may seemingly bounce back to encouraging levels.
From the graph, Ethereum is already testing out highs, a positive indicator of the trajectory the trends will likely take. But, could recovery be this easy, or is the market setting itself up for another unfortunate event?
A Bullish Period Ahead?
Lately, the market has been showing bullish signs as the cryptocurrency industry looks to finally fully recover from the damage caused by the bear market post-2017.
Glimpses of an ensuing bull run and predictions of new all-time highs are keeping the market hopeful in 2020. Bullish sentiments and predictions from the market may be pushing the value of Ethereum strongly against Bitcoin, which is currently experiencing a somewhat uncertain period.
If Ethereum can maintain its generally upward trend, then it is possible that the ETH/BTC chart could get even better. With enterprise adoption being the unofficial blockchain theme for 2020, Ethereum may find that an upward trajectory is easier to maintain.
Reality Checks Could be Hard
As in the case of Bitcoin, traders must consider every possible outcome of the trend in the chart above. It is possible that the expected recovery may not be as rosy as predicted. The trend may take a negative turn depending on prevailing market factors.
Corrections may also revise downwards the progress made in the past few weeks. Traders must carefully assess trends and prevailing market conditions before making or revising their trading strategies.
Featured Image Source: Munson Photographic
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org