The bullish retest has since held, and it could take the altcoin back to retest highs on its ratio against BTC. Here are the key levels to watch and a deeper look at the support level that has held and why it is so important to the future of the crypto market.
Altcoins Are At Do Or Die Level, Ethereum Arrives To Save The Day
From the peak of the head to the neckline of the structure, was a 120% run. According to the measure rule, applying the height of the pattern to the point of breakout provides a potential target of nearly 0.08 on the ETHBTC ratio.
The highest price ever recorded on the ratio, was 0.15, making one Ethereum worth roughly 15% a single BTC. Today, Ethereum trades at just under 3% that of the price of a Bitcoin, but if the pattern completes, will get a lot closer to 10% before the summer of next year.