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23 June 2021

Ethereum bull trap? ETH price signals breakdown versus Bitcoin

Ethereum bull trap? ETH price signals breakdown versus Bitcoin

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Ether also benefited from the money flow from Bitcoin markets, as it rebounded from 0.0231 BTC in December 2017 to 0.1237 BTC in January 2018 — a 435.44% rise.

The pair eventually crashed from 0.1237 BTC, then a year-to-date top, to as low as 0.0246 BTC in December 2018.

But that is not the case with the ongoing ETH/BTC correction, noted Delphi Digital, writing:.

Whether or not ETH/BTC would undergo a negative breakout appears to depend on how Bitcoin performs in dollar-quoted markets.

Nick Spanos, the founder of Bitcoin Center NYC, told Cointelegraph that Ether would need to break its correlation with Bitcoin in the dollar-denominated markets to have an independent ETH/BTC trend.

Until then, sharp downside moves in ETH/USD and BTC/USD would also mean a depressive ETH/BTC trend

Yuri Mazur, head of the data analysis department at CEX.IO cryptocurrency exchange, added that the ongoing anti-inflation narrative could allow Bitcoin to resume its uptrend

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