1. Fibonacci Magnet
• 0.618 Fibonacci Retracement: The golden ratio at 0.03092 is a magnet for price in corrective markets. This level has been a historical pivot point in prior market cycles, and while ETH/BTC hasn’t touched it yet, it appears to be trending toward this critical support zone.
• The fact that the price hasn’t yet hit this level leaves room for a final, likely exhaustion move, which often marks the end of a trend.
2. Descending Wedge Pattern
• ETH/BTC remains within a descending wedge, a known bullish reversal structure.
• Price action is converging as it approaches the apex, which aligns closely with the 0.618 retracement and long-term structural support.
• The wedge indicates that momentum is weakening on the downside, often a precursor to a breakout.
3. Long-Term Horizontal Support
• The 0.03 level has historically been a strong psychological support for ETH/BTC, acting as a base during the early phases of 2020 before the explosive bull run.
• Combining this horizontal level with the Fibonacci retracement strengthens its likelihood of being a key reversal zone.
4. Trendline Confluence
• The descending red trendline from 2021 has contained ETH/BTC’s downtrend, but price is now reaching a crucial point where it will either:
1. Break below and invalidate the setup (unlikely given the confluence of factors).
2. Hold at this major trendline, completing the wedge structure and setting the stage for a reversal.
5. Timing Cycles
• Historically, ETH/BTC bottoms before Bitcoin halvings and rallies during the altcoin seasons that follow.
• With the halving approaching in 2024, ETH/BTC appears to be aligning with this pattern. A touch of the 0.618 retracement would coincide perfectly with historical cycle lows.
Why This is Critical
This zone represents the final test for ETH/BTC’s current downtrend:
• A touch of 0.618 would complete the technical correction.
• The wedge pattern apex, horizontal support, and Fibonacci levels create a perfect confluence for a bottom.
• Failing to hold here would signal a significant break in structure, but such a scenario appears unlikely given the timing and technical setup.
Conclusion
While ETH/BTC hasn’t yet hit 0.618, it’s crucial to watch for a touch of this level in conjunction with volume and price action at the descending wedge apex. If ETH/BTC reacts strongly at or near 0.03092, this would likely confirm the bottom and set the stage for a breakout toward 0.045 and beyond.
• 0.618 Fibonacci Retracement: The golden ratio at 0.03092 is a magnet for price in corrective markets. This level has been a historical pivot point in prior market cycles, and while ETH/BTC hasn’t touched it yet, it appears to be trending toward this critical support zone.
• The fact that the price hasn’t yet hit this level leaves room for a final, likely exhaustion move, which often marks the end of a trend.
2. Descending Wedge Pattern
• ETH/BTC remains within a descending wedge, a known bullish reversal structure.
• Price action is converging as it approaches the apex, which aligns closely with the 0.618 retracement and long-term structural support.
• The wedge indicates that momentum is weakening on the downside, often a precursor to a breakout.
3. Long-Term Horizontal Support
• The 0.03 level has historically been a strong psychological support for ETH/BTC, acting as a base during the early phases of 2020 before the explosive bull run.
• Combining this horizontal level with the Fibonacci retracement strengthens its likelihood of being a key reversal zone.
4. Trendline Confluence
• The descending red trendline from 2021 has contained ETH/BTC’s downtrend, but price is now reaching a crucial point where it will either:
1. Break below and invalidate the setup (unlikely given the confluence of factors).
2. Hold at this major trendline, completing the wedge structure and setting the stage for a reversal.
5. Timing Cycles
• Historically, ETH/BTC bottoms before Bitcoin halvings and rallies during the altcoin seasons that follow.
• With the halving approaching in 2024, ETH/BTC appears to be aligning with this pattern. A touch of the 0.618 retracement would coincide perfectly with historical cycle lows.
Why This is Critical
This zone represents the final test for ETH/BTC’s current downtrend:
• A touch of 0.618 would complete the technical correction.
• The wedge pattern apex, horizontal support, and Fibonacci levels create a perfect confluence for a bottom.
• Failing to hold here would signal a significant break in structure, but such a scenario appears unlikely given the timing and technical setup.
Conclusion
While ETH/BTC hasn’t yet hit 0.618, it’s crucial to watch for a touch of this level in conjunction with volume and price action at the descending wedge apex. If ETH/BTC reacts strongly at or near 0.03092, this would likely confirm the bottom and set the stage for a breakout toward 0.045 and beyond.
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คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน