📈 Daily TA: Ethereum/Bitcoin (ETH/BTC) | 10-06-2021

in LeoFinance8 days ago

Hello, dear members of LeoFinance!

Today I just want to comment on the price chart of Ethereum/Bitcoin (ETH/BTC).

Since the beginning of this year, Ethereum has increased in price significantly against Bitcoin:
10.06.2021 ETHBTC.jpg
As can be seen from the chart, right now, ETH/BTC is consolidating between 38.2 and 50.0 Fibonacci levels. So, Ethereum is almost in the middle of the historical price range against Bitcoin.

I am really curious about how the transition of Ethereum to ETH 2.0 will affect the price chart.

To be continued ...

As of the time of writing, one Ethereum costs 0.067857 Bitcoin on the Binance crypto exchange, according to TradingView.


A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last almost 15 years, and as a cryptocurrency analyst for the last 4 years.


Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.


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Do you find yourself trading /USD or /BTC pairs more?

What are your opinions on the safety and volatility around each?

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Hmm, this is a nice question, @forexbrokr!
For about a year or even more, I have been trading mainly some crypto/USD pairs that are sometimes quite volatile. So I try to catch some bigger price movements but I open very small positions without any leverage. Actually, I never use leverage for crypto trading. Also, I trade BTC/USD, LTC/USD, and ETH/USD for one portfolio.

Very rarely I trade crypto/crypto. But if I do so it is either against /BTC or /ETH. And, to be honest, in the long run, I am thinking about migrating completely to trading crypto against BTC or crypto against ETH (without leverage/margin trading). Because, in this case, whatever happens, I always remain with some crypto (and not fiat) even if my trade is 'bad'. My end goal is to reduce the level of interactions with fiat as much as possible.

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thanks for this excellent report. I was expecting Ethereum to gain dominance over Bitcoin, but I wasn't expecting that much

@stefano.massari, in the long run, I expect Ethereum (or other platforms for smart contracts) to flippen Bitcoin by market capitalization. It is just a matter of time.

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Thanks for your authoritative opinion, long ago I thought like you too but then I saw this huge growth of BITCOIN that made me change my mind. I believe that in the end it will actually go as you say