A near flawless technical pattern yet to break out coinciding with a trend strength measuring tool approaching pivotal levels, suggests Ethereum’s dominance over BTC not only will continue for the time being, but the intensity will soon increase substantially.
Ethereum Breaks All-Time High, Restores Hype In Altcoins
Dmytro Volkov, CTO of CEX.IO says that although Bitcoin trading volume has “doubled” recently on renewed “hype,” Ethereum trading turnover on the platform has increased three-fold during the same timeframe. The ETHUSD trading pair specifically soared to over five times the average trading volume, accounting for as much as “20%” of the platform’s total volume.
After the first year of price action, the trend has mostly favored Bitcoin. But that is all about to change. Much like Bitcoin’s enormous breakout against the dollar once it smashed through the top trendline of the triangle, Ethereum is ready to do the same against BTC.
And given the momentum that Bitcoin has on its own, the rally in Ethereum is poised to be something for the history books.
A breakout appears imminent, backed by building bullish buying pressure and an almost nonexistence presence of sellers, according to the Average Directional Index and the Directional Movement Index. These tools combined show when buyers or sellers are in control, and how powerful the strength of the trend is.
Currently the red line on the DMI has sunk far below the green line. The bullish crossover points to more upside ahead, while the ADX itself growing to above 20 suggests the trend is only starting.