Time to Bet on Ethereum?

Hey there, crypto nerds! It looks like Bitcoin and Ethereum are dusting off their party hats, having bounced back with a thrilling 7% jump in just one week! And guess what? According to our favorite crypto whiz, John Carter, the ETH/BTC duo is ready to do a little dance on the charts. He’s got some juicy insights that might just tell us when to cash in those gains.

What’s Cooking on the Charts?

So, here’s the scoop: Carter has discovered a snazzy bullish setup for the ETH/BTC pair. Right now, Ethereum is perched on the edge of making a groundbreaking decision against Bitcoin, hanging out near a pivotal level within the famous Broadening Wedge pattern. Sounds fancy, right? This setup suggests a potential breakout is on the horizon, but hold onto your hats because there’s a resistance zone where selling pressure might pop up like unexpected fireworks!

The Sweet Spot?

Carter declares that Ethereum is flirting with the upper boundary of the Broadening Wedge on his weekly chart. This structure has been Ethereum’s trusty compass for years, helping navigate its ups and downs against BTC. Recently, ETH/BTC made a triumphant leap from the lower support area of the wedge and wow, did it bounce back sharply! Talk about a comeback!

Ready for Lift Off?

Now, Carter mentions that ETH/BTC is wrapping up its final act of consolidation within the wedge. As the price gets cozy near resistance, signals that a breakout could be imminent are starting to flash like disco lights! If the breakout above the wedge’s upper boundary happens, Carter predicts a rocket ride to an initial target of $0.041. That’s not all; we might even see some thrilling climbs to $0.051 and $0.060. And if we really hit the jackpot, a final target of $0.081 could intersect with the larger resistance zone. This, my friends, is where our brave traders might consider taking profits!

Watch Out Below!

But wait, before we get too excited, Carter also laid down some support zones that could cushion our fall if Ethereum takes a stumble against Bitcoin. The first support spot is lounging around $0.031, right near the upper boundary of the Broadening Wedge. If things get wobbly, we’ve got another safety net at about $0.026. And if the party really goes south, watch out for $0.022, which signals a whopping 35% drop from our comfy level above $0.034.

In Case of Emergency

If the situation gets critical and drops below $0.026, brace yourselves for a potential plunge down to $0.0185, marked as the Broadening Wedge’s official “support zone.” And should it break that, we may see ETH/BTC tumble towards the lower boundary of the wedge, where it could nosedive down to $0.010. Yikes!

Final Thoughts

So there you have it, folks! Keep your eyes peeled on those charts and be ready to strategize. Whether you’re holding tight or planning to jump ship, this ride is bound to be a wild one!