In a new strategy session, trader Micha?l van de Poppe tells his 733,600 followers on the social media platform X the Ethereum/Bitcoin pair (ETH/BTC) is showing a bullish divergence on the daily chart.

A crypto strategist keeping a close eye on the markets says that Ethereum (ETH) appears to be gearing up for a massive breakout against Bitcoin (BTC).

In a new strategy session, Micha?l van de Poppe tells his 733,600 followers on the social media platform X that the ETH/BTC pair is exhibiting a bullish divergence on the daily chart.

A bullish divergence, signaling that price is set to rally, occurs when the price of assets is making lower lows, whereas indicators, like the Relative Strength Index (RSI), a momentum oscillator, are showing higher lows.

“A massive bullish divergence on ETH. The whole ETH ecosystem performing well [on November 6th].”

In an update, the analyst notes that ETH/BTC is starting to rally as it seems traders are rotating profits from Bitcoin’s massive price surge into altcoins like ETH.

“There you have it. The markets are rotating, as ETH is showing a massive bounce upwards. Next step? Create a higher low and then we’ll be good to continue the upward momentum. DeFi (decentralized finance) is basically exploding already. Good times!”

ETH/BTC is trading at 0.03748 BTC ($2,844) at the time of writing, up 4.84% in the past 24 hours.

He also notes that an expected Fed rate cut on Thursday could propel BTC and other crypto assets to the upside.

“ETH is bouncing upwards. I think we’ll continue that pace. The Fed meeting on Thursday is crucial to watch, where they will probably announce another 25 bps rate cut. Then continuation in the markets and $90,000-$100,000 for BTC next.”

Zooming out to Bitcoin, the analyst says that the apex crypto needs to hold the $72,000 level as support to remain in the uptrend.

“Bitcoin did make a new all-time high! What level does it have to hold? I think the $72,000 area. If that holds, we’ll be good for further upward momentum. The markets are finally waking up and we’re about to enter altseason!”

Lastly, the analystの時間帯: 午後 1:35分

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