Ethereum rose to its highest trading level against Bitcoin since April 2020, as the ETH/USD pair rallied on the cryptocurrency market.
ETH/BTC technical analysis shows that a bullish reversal pattern is pointing to more upside ahead for the pair.
ETH/BTC medium-term price trend
ETH/BTC analysis shows that the pair is trading firmly above its key 200-day moving level, as the recent multi-week advance continues.
The ETH/USD pair has remained well-supported on pullbacks, while the BTC/USD pair continues to fluctuate between the $9,000 to $10,000 levels.
Looking at the daily time frame, the ETH/BTC pair is currently trading within a symmetrical triangle pattern.
The price is currently trading towards the top of the triangle pattern, which is located around the $0.0277 level.
According to the size of the symmetrical triangle pattern the ETH/BTC pair could rally towards the $0.0320 level if a bullish breakout occurs.
ETH/BTC short-term price trend
ETH/BTC analysis shows that the cryptocurrency has a strong bullish bias while trading above the $0.0245 support level.
The four-hour time frame shows that a bullish inverted head-and-shoulders pattern will form if the price reaches the $0.0278 level.
According to the size of the bullish pattern, the ETH/BTC pair could rally towards the $0.0320 area.
Watch out for a strong upside breakout in the ETH/BTC pair if the price moves above the neckline of the pattern, which is currently located around the $0.0280 level.
ETH/BTC technical summary
ETH/BTC analysis suggests that further short- and medium-term gains for the pair appear likely. A rally towards the $0.0320 level may be on the horizon.