Ethereum just cleanly broke above $2,000 for the first time ever, and the various DeFi projects, NFTs, stablecoins, and more.
As well as Bitcoin is doing, it is Ethereum that is blossoming into an enormous ecosystem, and things are only going to be better when scalability is finally addressed properly.
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Rising fees have been a costly side effect of the DeFi explosion, but is also a sign that Ethereum is the place on the blockchain that everyone wants to be. To get in, you’ve got to pay the price of popularity.
The demand for ETH gas required for each and every transaction has helped the outperform even Bitcoin. But according to technicals, one full ETH could be worth around half a BTC, and then some.
Breaking above resistance could cause fireworks on the altcoin/BTC ratio | Source: ETHBTC on TradingView.com
How Adam And Eve Could Birth An Adam and Eve double bottom structure. Based on the measure rule, the target of the sizable pattern would result in a move to the 0.7 range on the ratio.
That means, that each Ether token would be worth roughy 70% of a full BTC. At current Bitcoin pricing, that would send Ethereum to $42,000 per ETH.
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A more likely scenario, is that due to how crowded Bitcoin is for a trade right now, the top cryptocurrency sees a strong correction, while Ether prices continue to dominate for the time being.
The same applied measure rule would take ETH to the neckline of the "Eve" | Source: ETHBTC on TradingView.com
For those skeptical about the validity of such a claim, the above chart displaying the measure rule target of a head and shoulders pattern almost perfectly lines up with current all-time high resistance on the ratio.
The pattern confirming, would take Ethereum to the neckline of the larger Adam and Eve structure on the Bitcoin pair. A further breakout there, could result in enough upside momentum for Ethereum to achieve halfway status to Bitcoin at the very least.
A breakout of the neckline should also solidify the chances of a greater crypto market altcoin season.
Featured image from Deposit Photos, Charts from TradingView.com
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