By Nathan Morgan
According to a crypto analyst, the short-term ETH movement looks more bullish than that of BTC. The analyst made the comparison to determine which coin will outperform the other in July.
In addition, the analyst said that the ETH/BTC pair is showing bullish reversal signs. Therefore, it makes it more likely that ETH will outperform BTC in July.
Ethereum Price Movement
After reaching an all-time high price on May 12, ETH has been decreasing. Throughout the drop, it has been following a descending resistance line. However, the expert noted that, on June 22, it created a double bottom pattern near the same level. Thus, he said this is considered a bullish pattern.
Further, from the June 22 low, the current ETH high has been added up to a raise of 34.62%. Thus, as per the expert, there is no overlap (red line) with the prior high, allowing for the possibility that the upward flow is impulsive.
Bitcoin Price Movement
After reaching an all-time high price on April 14, BTC has been trading in a range between $40,500 and $31,400 since May 19. However, on June 22, it touched a low of $28,805 before jumping back.
Following this, the analyst said that the upward move was preceded by a very bullish change in the MACD, RSI & Stochastic oscillator. “However, the RSI has yet to cross above 50 and the Stochastic oscillator has made a bearish cross,” added the analyst.
In addition, he said judging by the daily time frame, the price action is more bullish for ETH. But technical studies are more bullish for BTC. So, in comparison to ETH, the short-term move looks much more bearish for BTC.