shows strong performance from Ether which rose from a low of $3,048 on May 20, climbing 27% to reach a 10-week high of $3,964 on May 27.by the markets’ anticipation that the spot Ethereum exchange-traded funds in the United States would be approved. Even thoughAnalyst and founder of MN Capital Michaël van de Poppe made similar observations using a weekly ETH/BTC chart.
The price was required to hold this support to increase the chances of flipping the long-term descending trendline into support. If this happens, ETH/BTC will rise to confront resistance from the 0.06 level embraced by the 200-week SMA. The chart below shows that breaching this level doesn’t mean that the pair is out of the woods yet. It will still have to flip the 100-week SMA at 0.063 to confirm the breakout.Meanwhile, data from on-chain metrics provider CryptoQuant shows ETH balance on exchanges has been decreasing over the last 12 months to reach a six-year low of 13.58 million ETH on May 20.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.BTC price preps 'most parabolic phase' — 5 things to know in Bitcoin this week